Some mixed-use development will be permitted within parts of the core CBD as long as it supports job growth, the department adds.
Colliers International’s Henry Burke who is managing the sale campaign said the location of the island site of 845 Pacific Highway within the core CBD area primes it for future office development.
He is working on the deal with colleagues Joseph Lin and Steam Leung.
When converted into a 37-storey 150-metre tower, 845 Pacific Highway will yield 35,000sq m of gross floor office area.
The site, which currently has a 3165sq m office block with a retail car wash and 55 car spaces, is 320 metres to the train station.
“It has been over 25 years since Chatswood has seen a new commercial building developed in its CBD,” Mr Burke said.
“North Sydney and Macquarie Park have supported new developments and with the recent draft zoning changes to the Chatswood CBD and the positive market fundamentals we expect Chatswood’s development pipeline to swell as new premium grade buildings take over the skyline.”
Mr Lin said the falling total and A-Grade vacancy in Chatswood indicates the centre is ready for more office space, more so with increased employment and foot traffic coming through the new metro.
The Chatswood train interchange was recently also refurbished with a new retail precinct.