Frasers Property Australia and Winten Property Group have teamed up to develop a $750 million urban hub at the new Macquarie Park metro station, 12 kilometres northwest of Sydney.
More than 7,000 workers are set to call Macquarie Exchange home, with the developers converting the 15,620sq m site into more than 80,000sq m of gross lettable area across four buildings.
The duo acquired the 15,620sq m site in 2007 for $30 million and are undertaking its development as a 50-50 joint venture.
Plugging the project as a “community business district”, the developers promise to activate the precinct by delivering an urban plaza and pocket park across 2,200sq m of green space.
The development of the commercial centre will function as a gateway precinct enhanced by the metro station, which is set to open in May 2019.
The largest building “MQX 1” will rise 16-storeys, while the remaining three buildings will top out at 8-storeys and offer rooftop gardens and terrace spaces for workers.
The retail laneway component will deliver 5,693sq m including a proposed childcare centre and gym.
A-grade office buildings will offer flexible leasing arrangements and floorplate sizes up to 2,150sq m with smart building technology in-built to enhance tenant experience.
Agents from JLL and GJS Property have been appointed to lease the more than 80,000sq m of commercial space.
Placemaking — which is increasingly becoming part of the modern planning lexicon — is emphasised in the Bates Smart-designed masterplan: site links, “activated” retail precincts and a civic plaza create an urban experience for its occupants.
Winton development director Stuart Vaughan said that the development of Macquarie Exchange at the entrance to the metro station makes commercial sense.
“The area is already a driver of economic growth and employment in New South Wales and state infrastructure such as the metro upgrade,” Vaughan said.
There’s a lot going on in the way of development in Macquarie Park, with more than 1,900 businesses and the 40,000 or so university students contributing $9.5 billion to the local economy, according to City of Ryde figures.
Government infrastructure spending, including the soon-to-open Macquarie Park station, has prompted a swathe of development in recent years — with Visionary the latest developer to take advantage of residential rezoning, lodging plans for a $1 billion-plus four tower project at Cottonwood Crescent.
Australia’s richest developer Harry Triguboff is in a legal stoush with the NSW government on Meriton’s high-rise proposal at Talavera Road — just over 1km from the proposed Macquarie Exchange.
Meriton is seeking to increase the floor space ratio and height controls at the development.
Private developer Sundale has snapped up Hyecorp’s residential scheme at Peach Tree Road for $40 million, the newly-branded project will deliver 116 apartments across 15-storeys.
The proposal is concept plan approved based on a prior development permit, with the developers expecting City of Ryde to green light its proposal by August.
The largest building in the precinct, MQX 1, is expected to be completed by early 2022.