Sydney

First time to market 105-year-old pharmacy investment offers future development potential

A retail investment property anchored by a 105-year-old pharmacy and strategically positioned at the centre of the future Artarmon Town Centre development site has been listed for sale for the first time.

09 Sep 2019

A retail investment property anchored by a 105-year-old pharmacy and strategically positioned at the centre of the future Artarmon Town Centre development site has been listed for sale for the first time.

Comprising a 335sqm land parcel and an NLA of 505sqm across eight, fully leased tenancies, the 96 Hampden Road, Artarmon property yields a net passing income of approximately $358,000 per annum. 

CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton have been appointed to manage the campaign on behalf of private owners, James and Olwen Watson, who operated the site’s anchoring pharmacy for 40 years of its 105-year history.

Mr Watson commented; “With the council identifying the property as part of the future Artarmon Town Centre development site, it is time to pass the property on to someone who has more experience in this area.”

The site’s flexible B4 Mixed Use zoning provides significant development potential, enhanced by Willoughby Council’s Local Centres Strategy allowing for and encouraging buildings up to 10 storeys tall.

Mr Silk noted the property’s prime location opposite Artarmon train station will be central to the town centre’s future development. 

“Under the Willoughby Local Centres Strategy, this site is the key to achieving additional floor space and height as an amalgamated development site,” CBRE’s Mr Silk said.

“With three street frontages and positioned just 4.3 kilometres from North Sydney and 8 kilometres from Sydney CBD, the site holds an ideal position for a future shop top housing development encompassing shops on the ground floor and apartments above. This has been done very successfully in the past including Stocklands development in Balgowlah and Meritons development in Dee Why.”

96 Hampden Road, Artarmon is being offered for sale via Expressions of Interest closing Wednesday, 2 October 2019.For Australian/international news or global stories, follow us on Twitter: @cbreaustralia

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at https://www.cbre.com.