Global real estate investor and manager Cromwell Property Group (Cromwell) has secured two new leases at its in-demand Victoria Avenue asset, as the Chatswood CBD continues to thrive.
The two-tower complex, comprised of 13 storeys of A-grade office space, is positioned in the heart of the Chatswood precinct with an abundance of retail and transport amenity on the doorstep.
Cromwell has signed over 1,100 square metres across both new tenants, Sydney North Primary Health Network and Shiji Group.
Sydney North Primary Health Network has leased Level 5 of Tower 2 for six years to 2024, and Shiji Group has leased a spec fitout on Level 10 of Tower 1 for five years to 2023.
Bobby Binning, Cromwell Head of Property, said the recent deals indicated quality, well-managed office space in Chatswood was a hot commodity.
“Chatswood is humming with activity as businesses explore office space beyond Sydney CBD. As market dynamics shift, a major drawcard to the precinct has been the amenity offering and transport options, with the Chatswood to Sydenham Metro Rail planned for 2024,” Mr Binning said.
“The position and quality of our Victoria Avenue asset has resulted in continuously high occupancy rates. We are pleased to welcome our two new tenants onsite.”
Cromwell purchased the Victoria Avenue asset in 2006. Under Cromwell’s management, the common areas and all office floors have undergone extensive refurbishment and modernisation.
Earlier this year, Cromwell submitted a Development Application (DA) for an additional low-rise 3,500 sqm Premium-grade office building and a 156-room, full-service hotel on the site. The DA also envisages significant plaza and amenity improvements benefitting all tenants, including new end-of-trip facilities, outdoor, conferencing and dining facilities. The DA is subject to Council approval, with an outcome pending in the coming months.
Commenting on the DA, Mr Binning said: “Following the successful rejuvenation of Northpoint Tower, we are looking to replicate a similar offering for our Chatswood tenants. We are determined to provide our tenants with the best work environment possible in the Lower North Shore area.”