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83 Walker Street North Sydney, NSW 2060

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For Sale - Expression of Interest

83 Walker Street North Sydney, NSW 2060

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Sale Price

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Land area

333.0m²

Floor area

897.0m²

Car spaces

7

Investment & Future Development Opportunity

  • Rare North Sydney Freehold
  • Income From 7 Tenants
  • Future Development Potential
83 Walker Street is a rare opportunity to acquire a strategic freehold with income and potential to add value through future development.

Existing Building
The existing building is on 4 storeys and is leased to 7 retail and office tenants. In addition to a busy Thai Café there are a number of quasi retail tenants including a Pilates and Yoga Studio. For these tenants 83 Walker Street is an ideal location.
Key Points
- Freehold in the heart of North Sydney
- NLA approx.. 897sqm – retail & offices
- Ground floor café + 6 office suites
- Leased to 7 tenants + Optus
- Passing income approximately $320,000 p.a. net
- Many existing leases are at sub-market rents giving potential to increase the passing income
- L2 suite just leased at $500/sqm gross compared with existing rents of $340-$420/sqm gross
- Leases have been structured to allow for a re-development to commence in early 2022 if required

The Future
83 Walker Street occupies a prime site on the southern side of Walker Street with potential for a boutique development or to be part of a larger site amalgamation.
Boutique Development
The property has a site area of 323.5sqm with potential for a boutique development similar to what was built on an identical sized site at 71 Walker Street.
71 Walker Street was re-developed in 2003 as a 10 storey office building with 2 lifts and a total NLA of approximately 2,038sqm. This building currently achieves rents of around $700/sqm.
As a boutique site we understand the potential height limit is 40m or approximately 13 levels.
Site Amalgamation
Like 83 Walker Street, the 3 adjoining buildings to the south are also under-developed and could offer potential for future amalgamation and a major re-development.
As an amalgamated site the Height Limit under North Sydney’s LEP is RL145m – This equates to a potential height of approximately 90m or up to 30 storeys.

Property ID: 503097546Last Updated: 15 May 2019

83 Walker Street
North Sydney, NSW 2060

Agency contacts

Hartigan Bolt - North Sydney

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Hartigan Bolt - North Sydney

Level 11, 75 Miller Street
NORTH SYDNEY, NSW 2060
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David Bolt
Hartigan Bolt - North Sydney
83 Walker Street North Sydney, NSW 2060

Hi,
I’m interested in this property. Could you please provide me with more information.

Kind Regards,

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