Stockland has received planning approval for the first stage of its $500 million high-tech business park at Macquarie Park in Sydney, 12km north-west of Sydney’s CBD.
The entire development, located between 17 Khartoum Road and 33 Talavera Road, will deliver 55,000sq m of new real estate in a campus-style project of five buildings with office and learning space.
The development's first stage comprises 16,500sq m of office, retail, learning and co-working space across 10-storeys. with large floor plates sitting at 1,750 square metres.
The masterplan also envisages low carbon mobility, co-working spaces, indoor and outdoor breakout areas and easy access to sustainable transport, including public transport, EV charges and car share facilities.
Macquarie Park is one of the most active and sought-after growth areas in metropolitan Sydney for retail, industrial and residential landlords and education and innovation industries.
It is currently the second largest office market in New South Wales, generating over $9 billion annually with approximately 850,000sq m of commercial office space and more than 43,000 workers.
Stockland lodged plans to develop the first stage of the renewed innovation precinct early last year after underscoring its intention to boost its portfolio of workplace and logistics assets across Sydney's tight office market.
The country's largest diversified developer currently owns over 156,000sq m of assets within the Macquarie Park and North Ryde area with a book value of $691 million.
The group’s workplace and logistics business is currently valued at approximately $3.3 billion, making up 23 per cent of the company portfolio.
Last month, Stockland announced the renewal of its office lease with major tenant Optus at Macquarie Park for another 12 years, with the option to extend for up to 10 years.
Stockland is undertaking upgrade works to enhance the facilities in partnership with Optus, including end-of-trip facilities, new access roads, drop-off areas, as well as a pedestrian link from the car park and building upgrades.
Earlier this year, Singapore-listed developer Frasers Property Australia and Winten Property Group launched its own Macquarie Park project, the $750 million Macquarie Exchange.
The joint venture will be at Macquarie Park’s new Metro station. It will convert the 15,620sq m site into four buildings comprising 83,368sq m of commercial space.