April Group Lists St Leonard's Office Tower

A mixed-use residential and commercial development opportunity has hit the market in the growth centre of St Leonards on Sydney’s North Shore.

Located at 69 Christie Street, the site currently hosts a seven-storey office building known as AMA House, with major tenants including the Australian Medical Association, 89.1 per cent of the strata entitlements have committed to the sale -- more than the 75 per cent stipulated by strata regulatory changes.

The sale comes after Chinese-developer JQZ acquired 88 Christie Street, St Leonards last month for $295 million.

Knight Frank was appointed to manage the sale of the property on behalf of private property investment company April Group.

Knight Frank's Tyler Talbot said 69 Christie Street was expected to draw extensive interest from both local and offshore buyers due to its strategic positioning in an area which is undergoing significant growth and transformation and has been identified as a priority precinct.

Past interest in 69 Christie Street has ranged from $50 million to $70 million, but recent sales such as the JQZ development will "make this campaign interesting".

“The site is located within the new core of the transforming St Leonards mixed-use precinct, set amongst other development-approved sites which will yield prime residential towers," Talbot said.

“A number of offices along the Pacific Highway have been rezoned to accommodate forecasted demand for residential apartments, which have set a precedent for growth in the immediate locale.

‘The Landmark’ at 500-520 Pacific Highway was snapped up in August 2015 for $150 million, and is currently under development. Upon completion in 2020, it will yield 458 residential apartments in addition to commercial and retail space.

Past interest in 69 Christie Street has ranged from $50 million to $70 million, but recent sales such as the JQZ development will "make this campaign interesting".

Due to the numerous surrounding sites that have been developed, 69 Christie Street site could benefit from a change in planning laws to deliver a mixed-use commercial and residential development of significant scale.