iProsperity Group (iPG / the Group) – Australia’s most trusted bespoke advisory firm for Asian investors – today announced its acquisition of Chatswood Central; a commercial site comprising office and retail space at Railway Street, Chatswood, New South Wales, in a deal worth $115 million.
iPG purchased the site in a joint bid with Sydney-based developer Lotus Group.
According to Deep Kotak, Head of Funds Management, the site’s location, right beside Chatswood’s new transport interchange, offers an excellent growth opportunity.
“We are delighted to add this 12-story twin-tower development to our growing commercial property portfolio. This is a key acquisition for iProsperity given its unique location in the heart of Chatswood’s bustling CBD, offering business and retail space.”
Measuring 18,247 sqm, Chatswood Central is 96% leased by tenants, comprising restaurants, cafes, a gymnasium and a child care centre. The purchase includes 100 basement car park spaces.
iPG’s property portfolio includes the 333 Kent Street residential block and the Novotel Melbourne Glen Waverley hotel.