It’s back to the future for St Leonards with $3.75 million historic property sale
Media release - 3rd October, 2013
Chinese developer snaps up commercial property for potential residential development
- 28 Chandos Street, St Leonards sells to a Chinese developer for $3.75 million
- Since 1995, 7,000 new apartments have been developed on former commercial sites, according to Raine & Horne St Leonards
- The commercial/industrial buildings that remain along Atchison Street, Chandos Street, Herbert Street and the Pacific Highway are next in line to be converted to residential use
A Chinese developer has grabbed a slice of the growing housing market in St Leonards, on Sydney’s lower north shore, after securing an historic three-storey commercial building, complete with residential potential, for $3.75 million.
It is the first time the property, conveniently located at 28 Chandos Street, St Leonards, has changed hands since 1973, the year it was built, says selling agent, John Simpson-Morgan, Principal of Raine & Horne St Leonards.
Mr Simpson-Morgan also confirms that the original vendor, Myrna Pty Limited, who built the property, has decided the time has arrived to recoup some capital gains from its 40-year old commercial property asset.
“The construction of 28 Chandos Street was ground- breaking in 1973, as it was innovative to demolish the two residential cottages that were originally on the site, and build a modern commercial building in St Leonards,” says Mr Simpson-Morgan, who has been operating as a real estate agent in the Lower North Shore real estate market for 30 years.
“With the trend to convert commercial space in St Leonards to housing, it’s fair to say the real estate market has completed a full circle.”
Mr Simpson-Morgan says that since 1995, when the NSW Government issued an edict to local councils to encourage development in inner city areas close to train stations, around 7,000 apartments have been developed from former commercial space in St Leonards.
“The first sites were the commercial/industrial buildings along the railway line, purchased and developed by Meriton,” says Mr Simpson-Morgan.
“Mirvac followed with developments on Christie Street, Oxley Street and Lithgow Street, while Winten Property Group purchased commercial/retail buildings adjacent to St Leonards Railway Station, and built 600 apartments at The Forum and Forum West.”
In the mid-2000s, Asian developers followed suit, buying up obsolete commercial buildings in Atchison and Chandos Street to build high-rise residential towers.
“Over 20 such commercial/industrial buildings have been demolished and or converted in St Leonards, with more in the pipeline,” says Mr Simpson-Morgan.
“In the not too distant future it’s fair to expect that a few of St Leonards’ original commercial/industrial buildings remaining on Atchison Street, Chandos Street, Herbert Street and the Pacific Highway will make way for residential developments.”
Mr Simpson-Morgan says the decision to convert commercial real estate near railways has proven to be a very sensible decision that has also improved the quality of infrastructure and amenities servicing the St Leonards precinct.
“We’ve had a major upgrade of St Leonards Railway Station, along with the beautification of Atchison, Chandos and Herbert Streets,” says Mr Simpson-Morgan.
“There is also a Coles Supermarket in St Leonards and a major increase in the numbers of cafes, swimming pools and gyms in the area.
“St Leonards is now an attractive place to live, particularly for young professionals who need to live close to the major business centres such as the CBD, North Sydney and Chatswood, but still crave a contemporary lifestyle.”
For further media information contact:
John Simpson-Morgan, Principal, Raine & Horne St Leonards, 0413 736 539