CHATSWOOD RSL Club is on the hunt for a joint venture partner to deliver the $200 million redevelopment of its venue, where it has lodged plans for a new tower and club.
A development application for a new club with a commercial tower of 18 storeys above on the 3,322 sqm Victoria Ave site was lodged with Willoughby City Council in January.
They will relocate to the 2-4 Thomas St building purchased from Guide Dogs Australia directly opposite the current premises and adjacent to Chatswood Station, and expect to remain there for two to three years as plans progress for the new club, until it is ready to occupy during construction.
It is now seeking a joint venture partner through Endeavour Property Advisory, whose managing director, Andrew Gibbons said had been approached by three potential parties in the last three months looking to prelease in Chatswood for up to 12,000 sqm per requirement.
“We expect the opening of the Sydney Metro last year will have driven further interest and the Club is committed to securing the highest and best use by going through a formal process to identify a joint venture partner,” he said.
Chatswood office vacancies fell from 5.7% to a low 3.7% in the six months to January, according to the Property Council.
The current building is one of the few remaining underdeveloped major sites in the Chatswood CBD.
“We know that tenant migration compounded with strong office leasing fundamentals, rising rents, declining incentives and low vacancy levels have created the economic conditions required to feasibly develop commercial office buildings,” Gibbons said.
The club will consult with members, employees and other key stakeholders on delivering the new version of its home base.
Chatswood RSL chief executive officer Tony Snowsill said the Club’s membership has shown positive growth over the past five years.