Construction on the $750 million project, located 12 kilometres north-west of Sydney, is expected to kick off in the third quarter of this year.
The approval includes the conversion of a 15,620sq m site into 83,368sq m of gross lettable area across four buildings, ranging from nine to 17-storeys.
“The development is expected to provide a much-needed revitalisation of Macquarie Park,” Frasers Property Industrial’s Ian Barter said, adding that the new business district would “deliver a viable alternative to city locations.”
The latest approval will rival nearby developments under way by Stockland.
In December, the group received planning approval for the first stage of its $500 million high-tech business park, located between 17 Khartoum Road and 33 Talavera Road in Macquarie Park.
Singapore-listed Frasers and Sydney based Winten launched the $750 million Macquarie Exchange project in April last year.
The joint venture partners acquired the 15,620sq m site in 2007 for $30 million and are progressing its development as a 50-50 joint venture.
The four buildings comprise of MQX 1, which will stand 17-storeys, and MQX 2, 3 and 4 will stand 9-storeys high.
The development is approved to comprise 74,093sq m of commercial net lettable area, 5,693sq m of retail including a proposed childcare centre and gym and a park with more than 2,200sq m of green space.
On completion, more than 7000 employees are expected to work in the Bates Smart-designed hub.