Plans unveiled for huge student housing complex in Macquarie Park
Real estate kingpins have pulled off one of Sydney’s biggest ever property transactions involving 45 homes in a sale worth more than $47m.
The massive $47.25m sale which took two years to orchestrate will bring new student housing options to Sydney’s north and help to ease the city’s housing crisis.
Property developers Point Capital Partners has acquired an amalgamated site across three adjoining unit blocks at 5 & 7 Cottonwood Cr and 8 Lachlan Ave in Macquarie Park.
Over the course of two years, negotiations were conducted with 45 individual owners in one of the largest transactions completed in the area in recent years.
It has been revealed exclusively to The Daily Telegraph that Point Capital Partners intends to transform the site into purpose-built student accommodation (PBSA), offering more than 600 apartments and creating one of the largest PBSA developments in Macquarie Park.
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The sites purchased at 5-7 Cottonwood Cres and 8 Lachlan Ave, Macquarie Park as part of the $47.25m deal.
The blocks were acquired on behalf of the developers by commercial buyers agents Costi Cohen.
Co-founder Tas Costi said the acquisition marked “an important step in shaping the future of Macquarie Park”.
“With more than 600 student apartments planned, this transaction reflects the increasing demand for purpose built student accommodation and the continued appetite for high quality sites in Sydney’s growth corridors,” she said.
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A closer look at the site, which took over two years to purchase in full. Picture: Supplied.
Current options for students in the area include the University’s ‘Central Courtyard’ and three residential colleges, as well as nearby PBSA’s in Campus Village North Ryde, Dayman Apartments, Iglu and EPIISOD.
A ‘Central Courtyard’ studio sets students back $537 a week, while Student Village North Ryde charges $613 per week for a one-bedroom apartment.
The median rent in the area for a single-bedroom unit is $695 per week.
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The development will provide new accommodation options for students of nearby Macquarie University (pictured above). Picture: Justin Lloyd.
Regarding the new development on Cottonwood Cr, Point Capital Partners director Mark Peters said the group were looking forward to “unlocking the potential of the site.”
“It’s rare to see an amalgamation of this scale in such a tightly held location,” he said.
“The persistence shown throughout the two year process was instrumental in making this deal possible.”
His fellow Point Capital Partners director Lucas Salagaras said Macquarie Park was “one of Sydney’s most exciting growth corridors”.
