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Macquarie Park investors cash in
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Office tower bought for $72M, sold for $106M two years later
By Red Dwyer
INVESTMENT
A
MACQUARIE Park eight-level office
tower bought for $72 million has sold for
$106 million – an increase of 47 per cent
– in just over two years.
Singapore-based real estate firm, Mapletree
Investments, purchased the property in an
off -the market deal from Sydney-based property
manager, CorVal bought the property
from diversified property group Stockland in
October 2013.
The eight-level 14,672-square-metre office
building, built in 2009, is tenanted by global
energy specialist Schneider Electric Australia.
The property is close to the Macquarie
Park railway station and the Macquarie Centre
which underwent a $390 million redevelopment
in 2014, expanding its footprint to
136,00 square metres to include a further 130
specialty retailers. Mapletree Investments
entered the Australian market in 2014.
Elsewhere, Macquarie University has sold
a 5000-square-metre site to a subsidiary of one
of the largest construction companies in the
world, the $43 billion China State Construction
Engineering Corporation.
The subsidiary, the Hong Kong-listed
developer China Overseas Holdings Limited,
outlaid $80 million for the “Parklands” property,
located in the heart of Macquarie Park,
one of the most prominent business parks in
Sydney.
Four older-styled strata apartment buildings
currently on the site and used as student
accommodation, will be demolished to make
way for a possible 280 new apartments.
With a potential gross floor space of
22,599 square metres, the site can also accommodate
ground floor retail and commercial
suites.
The site has been zoned for mixed-use
high density residential development as part
of the Herring Road urban activation program
in line with City of Ryde Council’s latest local
environmental plan.
The site’s three key residential drawcards,
at 137-143 Herring Road, at the corner of
Herring and Epping roads, are its proximity
to the university, the train and the Macquarie
Centre mall.
Approval for St Leonards twin towers
DEVELOPMEN T
MIRVAC says it will commence sales for
the next stage of its high-rise twin tower
St Leonards Square mixed-use project,
following development approval from
the Joint Regional Planning Panel ( JRPP).
Located on the Pacific Highway, St Leonards
Square comprises 500 residential units
across two towers with a mixed-use hub and
is close to the proposed Crows Nest Metro
station.
The JRPP had earlier deferred a decision
on the Development Application (DA) after
requesting additional information from the
developer.
“This is an extremely positive outcome
for St Leonards Square and our customers,”
said Mirvac’s Head of Residential, John
Carfi.
“The Joint Regional Planning Panel
decision acknowledged the merits of the
development and included some amendments
that Mirvac will incorporate into its
scheme.”
“This is an extremely positive outcome
for St Leonards Square and our customers,”
he said.
Mirvac says it sold 90 per cent of the
units in Tower 1 on the first day of release
to VIP buyers.
Marketing for Tower 2 has begun for
prospective buyers who have registered
their interest. A public release will follow.
ADVERTISEMENT
Artist impression of the new development
PRIME MINISTER
MALCOLM TURNBULL
AND TRENT ZIMMERMAN
LIBERAL FOR NORTH SYDNEY
Our plan to create jobs and growth locally.
We are cutting the small business tax rate to 27.5%, and
increasing the unincorporated tax discount from 5% to 8%
for unincorporated small businesses with turnover less
than $5 million.
We are investing $840 million in an innovative Youth
Employment Package to help up to 120,000 young people
secure jobs over four years.
Authorised by Chris Stone, Liberal Party of Australia - NSW Division.
Level 12, 100 William Street, East Sydney NSW 2011.
Level 10, 2 Elizabeth Plaza, North Sydney NSW 2060
9929 9822 trent.zimmerman.mp@aph.gov.au
trentzimmerman.com.au
TrentZimmerman
6 NORTHERN SYDNEY BUSINESS ACCESS JUNE 2016