Real estate investor and manager, Cromwell Property Group (ASX:CMW) (Cromwell), has lodged an amended development application (DA) for 475 Victoria Avenue, Chatswood.
Cromwell revised the vision for the 475 Victoria Avenue precinct, which now includes a third office tower rising to 11 storeys. Originally five levels per the original DA, the 11-level design will see floorspace more than doubling from 3,148 sqm to approximately 6,500 sqm of Net Lettable Area.
Additionally, a relocated entry and lobby on Victoria Avenue including cafe retail space will allow for greater street front activation for the new tower.
Cromwell’s Head of Property, Bobby Binning, stated, “We were delighted to be able to expand our vision for the site.”
“The revised DA builds upon our original concept and includes a third office tower, plaza and amenity improvements to the common areas with the addition of new green space and dining options.”
“COVID-19 and its impact on people’s travel to work has resulted in a rethinking of the modern workplace. The subsequent redesign of the end-of-trip facilities, HVAC system and office foyers have been based around key sustainability and hygiene considerations. From a sustainability rating perspective, we are targeting a minimum 5-Star Green Star rating, a 5.0-Star NABERS Energy and 5.0-Star NABERS Water rating for the new office tower.”
“The improvements are designed to benefit existing and future tenants, and will be complemented by the planned Chatswood to Sydenham Metro Rail expansion due in 2024,” concluded Mr Binning.
The revised development cost is estimated to be $123 million. This cost is inclusive of a new 4.5-star, 156-room hotel. The original DA received council approval in March 2019.
About 475 Victoria Avenue, Chatswood
475 Victoria Avenue, Chatswood currently comprises two 14-level office buildings with a total net lettable area of 22,000 sqm. It is one of the few true A-grade commercial offerings in the Chatswood CBD and is complete with ground floor retail outlets and 366 car parking bays spread across the three-level basement.
The buildings offer modern, high-ceiling ground floor lobbies that allow natural light and each is serviced by four lifts. The complex has a 5.0-Star NABERS Energy rating and enjoys a prominent position located between the Chatswood Transport Interchange and the Pacific Highway. Cromwell purchased the asset in 2006.