Property sale to deliver jobs boost for Macquarie Park
Property NSW has today called for Expressions of Interest to purchase a prime development site at Macquarie Park in Sydney’s northern suburbs, which has the potential to deliver up to 8,000 public and private sector jobs in the area.
The circa 32,000 square metre property, located at 45-61 Waterloo Road, is zoned B3 Commercial core and will be sold with a NSW Government lease pre-commitment.
The sale and leaseback will result in the delivery of 25,000 square metres of new office accommodation for the NSW Government, which equates to around 2,000 jobs.
CEO of Property NSW, Brett Newman, said the property should attract strong interest given its proximity to major transport links, and the strength of Macquarie Park’s office market.
“By selling this vacant, underutilised site the Government can facilitate significant economic growth through the provision of more than 8,000 public and private sector jobs in the precinct,” Mr Newman said.
“Macquarie Park is already an economic and commercial powerhouse, and that reputation will be enhanced in the coming years as thousands of new jobs complement new housing and improved transport links in the precinct,” Mr Newman said.
The commercial development site will be positioned around a large landscaped park after the NSW Government lodged a planning proposal earlier this year to facilitate development of a 7,000 square metre park on the site, delivering more green space for the community.
Once the planning proposal is gazetted for the Park, the Government will lodge a development application to subdivide the site, with the City of Ryde Council to acquire and landscape the park using the Government’s previously announced $6 million grant.
The EOI for 45-61 Waterloo Road will close on 14 December 2016 and a shortlist of proponents will be selected shortly thereafter.
The site has development potential for approximately 117,000sqm of Gross Floor Area (GFA), subject to council approval.
Development on the site expected to be completed by mid-2019.