Local Developer Sets Sights On Chatswood

A local Asian developer has purchased a prime residential development site in Chatswood with plans to build two residential towers with panoramic views towards the Sydney CBD, for $28 million from Daraki Holdings Pty Limited, who has owned the property for more than two decades.

Located at 660 Pacific Highway, Chatswood, the 2,608sqm site is on the corner of Pacific Highway, Freeman Road and Oliver Road with a planning proposal and overall Gross Floor Space of 7,944sqm.

Sold through Dominic Ong and Tim Holtsbaum of Knight Frank, the property is currently 100 per cent occupied with four short term leases.

Knight Frank's Senior Director - Asian Markets Dominic Ong said, "With limited development sites available or offered in Chatswood, 660 Pacific Highway has set a new benchmark in the market, with the successful new owner taking just 48 hours to close the deal - a testament to the strength of this market in both development sites and commercial investments."