Chase Commercial joins other big hitters in plan to revitalise Milton’s iconic Park Rd
Chase Commercial owner Rod Brown paid $4m for a two-level property at Park Rd in Milton and plans to join other big hitters in returning the precinct to its glory days.
A boutique commercial real estate agency is relocating to an iconic inner west entertainment precinct aiming to play a big role in its revitalisation.
Chase Commercial owner Rod Brown paid $3.975m for a two-level office building with basement carparking at 36 Park Rd, Milton.
The building is a new addition to Mr Brown’s $25m commercial property portfolio and he will move his team from their Woolloongabba address and embark on a refurbishment of the building. He will lease out the other tenancies.
“With the development of the new Milton train station and the numerous apartment residential high rise towers currently being developed directly behind Park Rd, we can see Park Rd becoming the new James Street, with over 15 different restaurants and bars trading strongly,” Mr Brown said.
“You have some big hitters in Park Rd and they want to take Park Rd back to its glory days in the ‘80s.
“I will get DA to redevelop the building and council wants to see more restaurants and street dining and do we will put another couple of restaurants on the ground floor of the building.”
As well as Mr Brown other owners on Park Rd include billionaire John Van Lieshout, Deluca owner Nic De Luca and the Conais family.
Last year Chase was inducted into the REIQ Hall of fame after winning the commercial agency of the year award for the third successive time.
The 36 Park Rd deal was struck by RWC Milton’s Stephen Ferguson who started his career with Mr Brown in the 1990s.
RWC Milton had been the property managers for the building for the last seven years and Mr Ferguson sold the property on behalf of the vendor who owned it for two decades. Mr Ferguson said they had received strong interest before Mr Brown snapped up the property.
“We had more than 50 inquires plus 12 inspections and seven offers to purchase,” he said.
“Most of the interest was from owner occupiers and investors.
“Buyers were attracted to the location on the best part of Park Rd, huge undercover car park with 30 spots, and long established tenants.”
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