ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

Chatswood RSL Hunts Developer for $160m Tower

4e01c973-e3a1-4a73-a6fa-a12abb16eba1

Chatswood RSL Club’s plans to build an A-grade office tower in Sydney’s lower North Shore remain in limbo as the club widens its search for a development partner to realise their vision.

The club submitted its application back in early 2020 to redevelop its existing low-rise building, which sits on 3300sq m block at 446 Victoria Avenue.

Approval for the 18-storey, Nettleton Tribe-designed tower was granted in late October.

The club’s proposal includes a 1300sq m public plaza at street level, a purpose-built RSL club over four levels totalling 6800sq m, 18-storeys of commercial space totalling 28,000sq m and 263 car parking spaces at basement level.

The club enlisted the services of Endeavour Property Advisory to find a joint venture partner to build the RSL project, fit it out and take on ownership of the balance of the building.

Endeavour Property Group will now work with JLL’s Capital Markets to find a developer.

JLL’s Luke Billiau said the partnership with the club represented a unique opportunity for a developer to deliver the first office project of significance in the Chatswood market for 30 years, with a potential completion in 2024.

Chatswood’s best development opportunity in almost 30 years comes to market
▲ The site is next door to the Chatswood transport interchange, providing direct access to the new Metro Rail and 2500sq m retail amenity. Image: Nettleton Tribe


“The development partner will have the opportunity to refine the concept development application into a stage two development application taking into account the very latest trends in commercial premises,” Billiau said.

Earlier this year, CBRE’s Rachel Vincent and Stefan Perkowski, who have been appointed to lease tower, said tenant pre-commitments of around 10,000sq m to 12,000sq m would be needed before construction would commence.

Chatswood RSL Club chief executive Tony Snowsill said that while the approval had been an excellent outcome for the area, the knock-on benefits of job creation and the ongoing community benefit of a civic-centred club were desperately needed.

“Now more than ever we need to look at reinventing ourselves so we can continue to provide the community with a vital place for social interaction and entertainment,” Snowsill said.

“This development will also contribute to the viability of community organisations through grants and in-kind support.”

The redevelopment of the Chatswood RSL Club is part of a wider trend of asset-rich RSL clubs taking advantage of the potential of their real estate to secure further income.

Central Element recently lodged plans for a $150-million luxury apartment tower at 15 Ellis Street after its first design excellence competition for the development.

In Sydney's east, Bondi Junction RSL was given approval for a 10-storey, mixed-use building with 78 apartments above a new club and retail component, with deposits already secured for close to one-third of the units on offer.

In Kogarah, the RSL club unveiled its new $80-million residential development, Veridian, while construction at Woolooware Bay, the Cronulla Sharks Leagues Club's town centre continues.

In Sydney’s inner-west, work has started on the Petersham RSL Club redevelopment, which includes 357 apartments and a new 3500sq m RSL club.

ADVERTISEMENT
CONTRIBUTE TO THE CONVERSATION
Show Comments
advertise with us
The Urban Developer is Australia’s largest, most engaged and fastest growing community of property developers and urban development professionals. Connect your business with business and reach out to our partnerships team today.
Article originally posted at: https://www.theurbandeveloper.com/articles/chatswood-rsl-club-development