The property sold for an undisclosed amount, following interest from both developers and prospective owner-occupiers.
The 478sqm site includes a freestanding 138sqm office/retail building, seven on-site car parks and dual development approvals; one for a 927sqm* GFA commercial office building and another for a boutique four-level residential project. The existing building also provided short-term holding income, which appealed to a range of buyers.
Andrew Burke said interest in the campaign reflected the versatility of the offering. “The site suited a number of different uses, whether continuing with the existing building or pursuing one of the approved redevelopment options,” he said. “Its location on Racecourse Road, combined with the flexibility of the planning outcomes, encouraged a broad range of enquiry.”
Throughout the marketing period the team highlighted new projects planned in what is essentially the long overdue rejuvenation of Racecourse Rd . These included GRAYA building a luxury mixed use residential and retail offering,Silverstone building a luxury apartment and commercial development ,and Fortis building a boutique residential development.
While there was attention from developers looking at the existing DAs, the strongest interest came from owner-occupiers who valued the practical benefits of the surrounding demographic, current improvements and on-site parking. Mark Creevey said this shaped the final outcome. “Most parties were looking for something they could use immediately but still offered future options. That balance was the key driver behind the result,” he said.
In the short term, the buyer plans to leave the existing tenant in place but has future plans to occupy the building for his own business purposes. The campaign ran for 4.5 weeks, generating 45 enquiries and five offers prior to the November 2025 sale.
Mr Creevey noted that opportunities of this scale on Racecourse Road remain limited. “It’s a tightly held corridor, so when a freehold site with this sort of flexibility becomes available, it tends to draw attention from a range of end users,” he said.
