Chatswood Central, a retail and office complex at 1-5 Railway Street, has changed hands recently.
The freehold interest was bought for $38 million by Barana Group and the long-term leasehold expiring 30 June 2072, was acquired for $115 million by iProsperity Group and Lotus Capital Asset Management Pty Ltd.
According to Cityscope research, the property consists of two 12-storey buildings with basement parking for 110 cars. The North and South Towers, completed in 1976 and 1980 respectively, include two levels of shops, office space and showrooms linking the two buildings, a plaza area to Victoria Street and the Chatswood Railway Station Concourse. The property provides a total net lettable area of 17,732 sqm including 2,571 sqm retail space.
The ground lease of the property generates an annual income of $562,500, according to agents John Macree and Gordon McFadyen from JLL. Tenants in the office space include Adept Business Systems, Trainsmart Australia and Open Spatial Australia.
The leasehold sale was handled by Jon Chomley and Steam Leung of Colliers International and Bevan Kenny and Chris Veitch of CI Australia.