Tall & Urban News

Chatswood RSL Club will build one of the first A-grade commercial towers in Sydney’s lower north shore area in 30 years, after receiving Sydney North Planning Panel approval.

The AU$160 million (US$112 million) development at 446 Victoria Avenue, Chatswood was given concept approval for a 22-story tower designed by Nettleton Tribe architects.

The application consists of a public plaza at street level, a purpose-built RSL club over four levels totaling 6,790 square meters, 18 stories of commercial space totalling 28,070 square meters, as well as 263 car parking spaces at basement level.

The panel unanimously approved the plans including a variation to height restrictions for the site, but included conditions to provide additional privacy for neighbouring buildings and to account for wind considerations.

Chatswood RSL Club chief executive Tony Snowsill said the approval is an excellent outcome and the area will benefit from significant job creation and the ongoing community benefit of a civic-centered club.

“It has been a difficult year for the hospitality sector due to Covid-19 and clubs have been hit particularly hard by restrictions and the decline in community confidence.

“The concept DA has guaranteed the development uplift for the property, doubling the size of what can be built,” Snowsill said.

“Now more than ever we need to look at reinventing ourselves so we can continue to provide the community with a vital place for social interaction and entertainment.”

The club has enlisted the services of Endeavour Property Advisory in seeking a joint venture partner before developing the 3,322-square-meter-Chatswood site.

Endeavour managing director Andrew Gibbons said despite the obvious impact of Covid-19 on the commercial market, the site’s prime location and significant rental savings when compared to the CBD and North Sydney are extremely compelling.

“Companies are now looking at their positioning post-Covid and we expect around 80 percent will go back to their traditional offices, albeit with some spatial adjustments.

“Organizations are actively discussing the need for collaboration and knowledge transfer to continue to drive revenues, with many chief executives and boards realising this cannot happen working full-time from home,” Gibbons said.

Prior to the pandemic, Chatswood was one of the best-performing non-CBD markets in the country sitting at 3.7 percent leading to Cromwell Property Group partnering with BlackRock Real Estate to expand an office precinct at 475 Victoria Avenue.

Cromwell lodged an amended development application for the site in September, adding a new office tower to the precinct rising to 11 stories.

For more on this story, go to The Urban Developer.