Stonebridge Property Group and JLL have been appointed to sell a 100% interest in Mandarin Centre. This strategic income producing landbank opportunity will provide developers access to a freehold Chatswood CBD investment and landbank with Masterplan Approval for a 27-storey mixed use development.

The centre is conveniently located within a highly coveted commercial core, opposite Westfield Chatswood Shopping Centre and within 100m of Chatswood Interchange and Station – the fifth busiest railway station in the Sydney network.

The bustling CBD location is home to over 1.2m people within a 20min radius, with the Centre’s main trade catchment incurring a forecasted total retail spend of $4.5bn between 226,880 people (2022). Chatswood accommodates 298,100 sqm of office space for approximately 19,931 workers, with Mandarin Centre situated at the heart of this dominant retail and office market of critical mass.

Occupying one of the last developable freehold landholdings in Chatswood CBD, the prominent double-frontage site positioned at the corner of Albert Ave and Victor St, sits on an underutilised 3,519 sqm of prime land benefiting from exposure to over 19.6m commuters annually (pre-pandemic).

In June 2020, the property gained State Government Masterplan approval setting the framework for a future development comprising a total GFA of 39,093 sqm at an FSR of 11.11:1, and building height limits of up to 27 storeys. The land holding is situated to the southern fringe of Chatswood CBD with upper levels of any future development enjoying uninterrupted views back to Sydney CBD and iconic harbour.

The existing Centre, a substantial 13,385 sqm CBD retail offering, has brought some of the most renowned brands to Chatswood since 1996 and currently features three levels of entertainment, two levels of retail/medical and one food court level, accommodating prominent names such as TK Maxx, Hoyts Cinema, Strike Australia, Holey Moley, Daiso Japan and Miracle Supermarket. This robust tenancy mix has optionality for long term rental growth for purchasers seeking to land bank the property, and development clause flexibility for developers requiring access to the land in the medium term.

Lincoln Blackledge, National Partner of Stonebridge said, “Mandarin Centre offering presents a very rare opportunity for developers to leverage over a decade of work invested into achieving an outstanding planning outcome in the perfect location for a world-class mixed-use development.”

Carl Molony, National Partner of Stonebridge said “Mandarin Centre is ideally located to capitalise on the convenience of an established commercial and retail CBD with significant gaps in the market. The affluent population of Chatswood and surrounds will drive strong demand for brand new luxury retail and residential amenities.”

JLL’s Retail Investments – Australia, Senior Director Nick Willis said, “The Mandarin Centre is one of the largest landholdings in the Chatswood CBD. Major landmark holdings that offer a blank canvass potential in a core CBD Australian market rarely come up for sale, this is a generational holding.

“Chatswood has transitioned into a dense urban CBD with a concentration of retail and office uses creating a critical mass which draws from a vast and affluent trade area. These catchment dynamics coupled with the future development potential of the Mandarin Centre set the stage for the next owner to create a world class high-end mixed-use asset unlike any other,” said Mr Willis.

JLL’s Capital Markets – NSW, Senior Director Gordon Mcfadyen said, “The offering provides ultimate flexibility, underpinned by a strong income stream that can maintained for the long term, or alternatively a buyer can capitalise on the lease profile and develop it beyond 2027.”  

Positioned within Sydney’s highly sought-after lower north shore, Mandarin Centre is primed to capitalise on a strong forecast retail spend growth within the main trade catchment, averaging 3.1% per annum to 2026. According to Orbital Insights data, the convenience location attracts a huge draw of residents, workers, and visitors, with over 30% of visitation coming from beyond the Main Trade Area.

Further, the $17b Metro City & Southwest project, due to open 2024, will shorten commute times from Chatswood to Sydney CBD to just 18 minutes. The project involves the construction of a brand-new Metro Station on the corner of Pacific Highway and Mowbray Road and 15.5km of twin tunnels running from Chatswood, under Sydney Harbour and into the CBD before heading south-west.

The Mandarin Centre is for sale by International Expressions of Interest closing Wednesday 24th August 2021 at 12pm (AEST).

To request a copy of the Information Memorandum please contact one of the marketing agents from JLL and Stonebridge Property Group via the contact details below.