There is an application with the Willoughby Council from architect Richard Francis Jones, of FJMT​, for more height on the current 15 storeys and to offer a mix of commercial, residential and retail at the ground level.

It is being sold through Knight Frank's director of institutional sales, Tyler Talbot, and senior director of Asian markets, Dominic Ong.

The agents said the owners were looking to take advantage of the escalating interest from developers buying sites along the proposed Sydney metro line from Chatswood to the CBD.

"Chatswood's unique mix of high-density residential, office and retail land uses have performed strongly over the past two to three years," Mt Talbot said.

"A proliferation of state government-initiated infrastructure projects, strong population growth and improving business confidence form the foundations of a resilient local market."

According to Mr Ong, the property is currently 94 per cent leased to a diverse range of tenants with demolition clauses in place, offering holding income and flexibility for an incoming purchaser.

"The property is a unique opportunity in the current tightly-held market. There aren't many assets like this one on the market and we are anticipating strong interest from both local and offshore buyers," Mr Ong said.

The sale comes as demand is rising for non-CBD office assets.

According to the Property Council of Australia's latest Office Market Report, in the six months to July 2016, the vacancy rate fell from 7.8 per cent to 7.2 per cent across the north shore, comprising North Sydney, Crows Nest/St Leonards and Chatswood.

Centuria recently boosted its portfolio with the settlement, in partnership with a fund managed by global investment manager BlackRock, on The Zenith, an office at 821 Pacific Highway, Chatswood, for $279.1 million.