Cambridge Office Park, located in Sydney’s growing urban centre of Epping, is for sale.
Comprising 8,314 square metres, this significant site is located at 20-28 Cambridge Street, and has the potential to develop 37,413 square metres of gross floor area with a height limit of 72 metres under current planning controls.
JLL’s Head of Metropolitan Sales and Investments for NSW Sam Brewer and Director of International Investments Ben Hunter are transacting the deal on behalf of Goodman.
“Cambridge Office Park is identified as a key site within the Epping Town Centre Urban Activation Precinct (UAP), which achieved successful rezoning in March 2014.
“The rezoning of the site to B2 Local Centre encourages a mix of residential development and is an opportunity to help create a vibrant Epping Town Centre with enhanced retail, business and entertainment uses,” Mr Brewer said.
The Government’s urban activation initiative is to aid the transformation of industrial and vacant sites into a hub for new homes and jobs near public transport. The Cambridge Office Park site is approximately 300 metres to the Epping Railway Station and bus interchange, and has the potential for the development of approximately 500 apartments with associated retail.
Mr Brewer said he has seen rapid price growth in the Epping area, to the extent that developers planning projects in the precinct are now talking end-sale values in excess of $12,000 per square metre on apartments.
“The site at Cambridge Street enjoys a prime location within the Epping Town Centre and is a key beneficiary of the Government’s planning change.
“A further advantage of the site is vacant possession in January 2015, which will allow developers to take full advantage of the current cycle,” Mr Brewer said.
Cambridge Street is a cornerstone development site in a rapidly growing market. Residential development sites in Epping and its surrounding areas have reached supply limits, with a decreasing availability of significant sites remaining in key locations, making this a rare proposition.
According to Mr Brewer, Epping is an expanding community, becoming more and more renowned as a central suburban Sydney hub.
Located adjacent to Chatswood, an area highly regarded as a key established Sydney community, Epping is close to convenient transport, featuring amenities including schools and shops, and is in close proximity to the Sydney CBD.
“We anticipate that the Cambridge Road area of Epping is set to be the next Chatswood, being only one stop away from the Macquarie Centre which is undergoing a $440 million redevelopment and is being transformed into Sydney’s largest shopping centre,” Mr Brewer said.
JLL Director of International Investments Ben Hunter said strong interest is anticipated from offshore Asian development groups, as well as local and national developers.
“We believe Cambridge Office Park is the most significant development opportunity currently being offered in Sydney. Epping provides access via rail link and bus routes to the Sydney CBD, Macquarie University, the Macquarie Park business district and the Macquarie Centre.
“The $8.3 billion North West Rail Link is Australia’s largest public transport infrastructure project currently under construction and is a priority project for the NSW Government. Proposed to be in operation by the end of 2019, the project is set to deliver eight new railway stations connected to the upgraded Epping interchange,” Mr Hunter said.