Plans have been lodged by a vehicle of the Teoh family for a major commercial development in Macquarie Park.
If approved by the City of Ryde Council, the project will deliver a complex of buildings up to 14 storeys.
68 Waterloo Road Pty Ltd is the company behind the development, associated with two of the Teoh family sons, Bob and Shane.
Family patriarch David Teoh is the founder of Australia’s TPG Telecom.
The development, planned for 12 Lyonpark Road and 68-72 Waterloo Road, aims to preserve the majority of the existing commercial building on the site.
Over a staged development process costing an estimated $185 million, three buildings will be added to the site.
Stage 1 will consist of the construction of a one-storey retail building and lot amalgamation, and demolitions are planned for stage 2.
This will make way for the construction of a 13-storey commercial building with a gross floor area of 22,789sq m.
Stages 3 and 4 will deliver further demolition works and the building of a 14-storey commercial building, ‘Building C’ with a proposed GFA of 31,190sq m, as well as alterations and additions to an existing five-storey building at 68 Waterloo Road.
The plans, lodged by HDC Planning and A+ Design Group on the Teoh’s behalf, seek to improve land use in the area as well as upgrade the current buildings.
Surrounding developments are a mix of commercial and mixed use building. The Macquarie Park area “is experiencing significant redevelopment”.
The area has attracted major names in the world of property development, including Iwan Sunito, who is planning a $450-million residential development after picking up a site in the area.
Singaporean developers Centurion have launched a $132-million student accommodation project, while Malaysian developer Eco World International wants to build a $55.5-million apartment tower in the area.
