It looks like a Science equivalent to the Biomedicine-specifc CHEM10006 Chemistry for Biomedicine. The handbook seems to suggest it should be taken on its own because CHEM10003 Chemistry 1 is a non-allowed subject and furthermore CHEM10009 does not appear to satisfy the prerequisites for CHEM10004 Chemistry 2 - definitely follow this one up with the department. As mahler004 said, it seems to satisfy prerequisites for further study in biochemistry (and other biology disciplines requiring a working knowledge of chemistry) but not chemistry in second year.
Ultimately, whether or not you take this subject depends on your intentions. If you're genuinely interested in studying chemistry beyond first year it won't be a good idea to take this one. If you're more interested in supplementing your biology knowledge it might be suitable, although if you intend to sit the GAMSAT I reckon CHEM10003 and CHEM10004 would be the better choice.
In all honesty, I'm not sure why they've decided to create this subject because us Biomedicine students will tell you that Science students have the upper hand with CHEM10003 and CHEM10004. Perhaps they've done it to allow Science students to more closely mimic the structure of first year Biomedicine if they really want to.