Aqualand lists CSIRO North Ryde property site for $250 million
Property developer Aqualand is set for a mammoth payday following the listing of CSIRO’s long-time North Ryde home.
The 6.56ha site near the North Ryde metro station and the 830-apartment Ryde Gardens complex is tipped to fetch more than $250m and offers buyers a major redevelopment opportunity.
CSIRO have occupied the landholding for nearly 60 years with it currently housing an education centre, offices and a research facility.
The approaching end of the government agency’s tenure has prompted owner Aqualand, a subsidiary of the Shanghai-based Shenglong, to test the market interest via an international campaign.
Being facilitated by CBRE’s Jason Edge, Chris O’Brien, Sharon Yang and Michael Andrews, 11-14 Julius Ave is being offered to buyers with flexible rental guarantees available for up to five years.
“The size of the property and its proximity to the Sydney CBD will provide an incoming owner with a unique opportunity to reshape an entire precinct,” Mr Edge said.
“Demand within the life sciences and build-to-rent market for a site so close to a metropolitan railway station will help fuel interest from a diverse buyer pool given the site’s development potential.”
The property borders the M2 motorway and comprises of two allotments with a variety of buildings, including corporate offices, laboratories, testing facilities, workshops, industrial facilities, storage buildings, a childcare centre and multi-level carparking.
Offering B3 Commercial Core and B7 Business Park zonings, the landholding are available to be purchased together or separately.
While the main lease agreement to the CSIRO expires at the end of this year, licence or lease agreements over portions of the site extend until 2023 and rental support is available to an incoming purchaser for up to five years.
“Factoring in possible bonus floor space ratio provisions and height limits, there is potential to develop new buildings across both properties with a gross floor area of up to 150,000sqm,” Ms Yang said.
CoreLogic reveals the CSIRO sold the site in 2001 to Cescade Pty Ltd for $65,550,433, who in turn sold it to Aqualand for $170m in 2014.
CSIRO is planning to consolidate its Sydney operations at the new Western Sydney Aerotropolis from 2026 at an 18,000sqm carbon-neutral facility.