M_Park on the way as Macquarie Park project gets go-ahead
Property developer Stockland has received the green light to start work on the first stage of its $500 million commercial precinct in Sydney’s emerging northern industrial hub.
M_Park at Macquarie Park will integrate office, co-working, retail and conference facilities across the 3ha site.
The company will kick off the first stage of development in mid to late 2020 with 18,000sqm of office space and 296 secure basement car spaces.
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The precinct will increase Stockland’s $2.5 billion workplace and logistics development pipeline and is an “important step” forward, according to the company’s group executive and chief executive of commercial property, Louise Mason.
“The Macquarie Park business precinct is already a powerhouse of employment and economic growth and is predicted to become NSW’s second-largest economy in the coming years,” Mason says.
“Setting a new precedent for quality workplace development in Sydney, on completion M_Park will form part of a 55,000sqm master-planned commercial precinct. Incorporating communal green space, the future development will also incorporate amenities such as cafes, childcare and services,” Mason says.
The M_Park masterplan was designed to have low carbon emissions. On-site conveniences, co-working spaces, indoor and outdoor breakout areas are close by to encourage walking, with the precinct offering ease of access to sustainable transport, including public transport, EV charges and car share facilities.
Stockland’s assets within the Macquarie Park and North Ryde area total 156,000sqm, to the value of $691 million.
The investments takes advantage of Macquarie Park’s strong value proposition as NSW’s second-largest office market. The area generates over $9bn for the Australian economy each year, sporting 850,000sqm of office space and more than 43,000 workers.
The group’s workplace and logistics business is valued at about $3.3 billion, making up 23% of the company portfolio.
Optus recently committed to extending its office lease at Macquarie Park by 12 years.
This article originally appeared on www.theaustralian.com.au/property.