New Macquarie Park commercial precinct a step closer
Infrastructure and property group, John Holland, is the successful proponent to develop a new commercial precinct at 45-61 Waterloo Road, Macquarie Park.
Minister for Finance, Services and Property Victor Dominello said the $170 million deal for the 3.2ha site was a win for the community and another great example of the Government’s asset recycling policy at work.
“By divesting this vacant government property we can reinvest the capital into Restart NSW which is used to deliver new and improved infrastructure and services for the people of NSW,” Mr Dominello said.
“I have heard from key stakeholders that Macquarie Park must remain a commercial hub. Macquarie Park is one of the nation’s leading economic powerhouses and this development will further cement the district’s reputation as one of our most critical business centres.
“The divestment and development of this site has the potential to deliver up to 8,000 additional permanent jobs in Macquarie Park and hundreds of millions in recurring economic benefits for the State.”
The commercial precinct can deliver up to 117,000sq/m of office accommodation. As part of the deal, the NSW Government will lease back 25,000sq/m of the new office space to accommodate more than 2,000 public service employees.
An option to take up a further 10,000sq/m to 30,000sq/m, and the potential for the construction of a pedestrian underpass beneath Waterloo Road to Macquarie Park Station, is also included in the deal struck by Property NSW.
The precinct will be located around a previously announced 7,000sq/m landscaped park funded by a NSW Government $6 million grant.
John Holland has more than 60 years’ experience in the infrastructure industry. Recent projects in Sydney include the Eclipse Tower and Western Sydney University’s new flagship campus, both located at Parramatta.
Construction is expected to commence in late 2017 and completed in 2019.