Build it and they will come

Build it and they will come: Why Chatswood needs more commercial development.

Sydney’s property landscape is undergoing a dramatic transformation, with medium to high-density residential developments dominating the conversation. The NSW Government’s Low and Mid-Rise Housing Policy is set to unlock 112,000 new homes in the next five years, pushing residential projects to the forefront of urban planning. At the same time, reports from the Urban Development Institute of Australia (UDIA) warn that Australia is projected to fall 393,000 homes short of its housing target of 1.2 million new homes by 2029. Given these pressures, it’s easy to see why developers and planning authorities remain laser-focused on delivering more residential dwellings.

However, while the need for housing is undeniable, a city cannot thrive on residential development alone. Chatswood, one of Sydney’s most dynamic commercial hubs, is at risk of losing its balance if new commercial spaces don’t keep pace with population growth. Bill Geroulis, our Director and Head of Commercial Real Estate, believes the time is right to challenge the status quo and reignite commercial development in Chatswood.

A new era for commercial property: The health and wellbeing precinct model

Recent success stories highlight that commercial real estate is evolving. Take the case of 13 Spring Street, Chatswood, which we helped transform from a struggling office tower into a thriving medical hub. What was once an underutilised commercial space is now home to medical imaging, general practitioners, physiotherapists, specialists and even a major health insurer, HCF—all tenants that provide essential services to the growing community.

Longer term, the Spring Quarter Prescient represents a significant opportunity to meet the local, state and federal government housing targets while improving the quality of the local retail/ commercial space to support it on the lower levels.

“If you build it, and if you get the mix right, tenants will come,” Bill explains. “We know that medical and health-related businesses are actively seeking spaces where they can cluster together and benefit from synergies. This is why a viable, medium rise, purpose-built commercial building catering to medical, wellness and allied industries makes perfect sense in Chatswood’s evolving landscape.”

Overcoming planning hurdles: A mindset shift

Naturally, any commercial development of this scale requires council and state planning approval, which historically has favoured residential proposals. However, Bill believes that with the right stakeholders on board—including developers, local government and industry leaders—there’s a compelling case for rezoning discussions.

“When I raised the idea of a 100% commercial high-rise at 341 Victoria Avenue with council, the initial reaction was surprise—because for years, they’ve been told there’s ‘no market’ for commercial. But what we’re seeing with health and wellness hubs tells a different story. The demand is already there—we just need to create the right space for it.”

The future of Chatswood: A balanced approach

Chatswood has been a commercial powerhouse for decades, and with billions of dollars invested in transport infrastructure, including the Metro and upgraded bus interchange, its connectivity is only improving. The challenge now is to ensure that future development maintains a balance between residential and commercial growth.

“Chatswood’s skyline will look very different in five to ten years,” Bill predicts. “But if we only build apartments without creating suitable commercial spaces to support them, we’re missing an enormous opportunity.”