Century-old Sydney pharmacy ready for next phase
For years it has been a part of North Sydney’s cherished retail history – now it could become part of its dynamic future.
A retail investment property anchored by a 105-year-old pharmacy has been listed for sale in Artarmon.
Comprising a 335 sqm land parcel and a net leasable area of 505 sqm across eight, fully leased tenancies, the 96 Hampden Rd property is a secure investment with an annual rent of more than $350,000 locked in for any new owner.
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Strategically positioned at the centre of the future Artarmon Town Centre development, it also offers untapped potential.
CBRE’s Aaron Arias, Toby Silk and Nicholas Heaton have been appointed to manage the campaign on behalf of private owners, James and Olwen Watson, who say they are ready for a change.
The pair has operated the site’s pharmacy for more than four decades of its century-long life.
“With the council identifying the property as part of the future Artarmon Town Centre development site, it is time to pass it on,” Watson says.
The site’s flexible B4 mixed use zoning provides significant development potential, enhanced by Willoughby Council’s local centres strategy allowing for and encouraging buildings up to 10 storeys tall.
Silk says the property’s prime location opposite Artarmon train station will be central to the town centre’s future development.
“Under the Willoughby local centres strategy, this site is the key to achieving additional floor space and height as an amalgamated development site,” Silk says.
“With three street frontages the site holds an ideal position for a future shop top housing development encompassing shops on the ground floor and apartments above.
“This has been done very successfully in the past including Stocklands development in Balgowlah and Meritons development in Dee Why.”
Located 4.3km from North Sydney and eight kilometres from Sydney’s CBD, 96 Hampden Rd, Artarmon is for sale via expressions of interest closing on Wednesday, October 2.