The changing face of Macquarie Park to a mixed use core has seen the demand for residences skyrocket over the past two to three years.
Last month, 55 homeowners in Sydney’s Macquarie Park became instant millionaires in one of the biggest amalgamations in the country, with a private developer paying a record price understood to be in excess of $80 million for the 5,130sq m site situated at 15-21 Cottonwood Crescent.
Now, its neighbours at 12-14 Lachlan Avenue and 13 Cottonwood Crescent are following suit with 33 of the 36 units on the 3,172.20sq m site looking to fix their fate as they go to market through the same market leading residential site sales team at Savills Australia, comprising Neil Cooke, Stuart Cox and Johnathon Broome.
Existing improvements on this regular shaped parcel of land include two detached existing residential flat buildings with 12-14 Lachlan Avenue containing 24 apartments and 13 Cottonwood Crescent containing 12 apartments, both constructed over four levels complete with ground floor secure garage parking.
According to Neil Cooke, Director, Residential Site Sales at Savills, the site currently has B4 mixed use zoning with potential to construct approximately 12,688sq m of GFA (STCA) with a 45 metre maximum height limit. There is also an opportunity to obtain a delayed settlement, which may suit a number of developers and investors alike.
“Macquarie Park has become one of Sydney’s fastest growing and most desirable suburbs to live and work. The changing face of Macquarie Park from a light industrial and commercial centre to a mixed use core, has seen the demand for residences close to employment centres and transport connections skyrocket over the past two to three years,” he continued.
Macquarie Park is situated just 12.5 kilometres to the north-west of Sydney CBD, approximately 12 kilometres to the north-east of Parramatta CBD and 6 kilometres to the west of Chatswood. By rail, the site is 30 minutes to the Sydney CBD and 12 minutes to the Chatswood CBD.
Stuart Cox, Director, Residential Site Sales at Savills, said rezoned opportunities like this rarely become available in growth suburbs of this scale and significant interest from local, interstate and offshore developers is expected.
“Macquarie Park has plans to grow to the fourth largest CBD in Australia by 2030, by doubling its current working population of 40,000 employees and expanding from 850,000 square metres of commercial space to potentially over 2 million square metres. Since 2009, when the Chatswood to Epping Railway line opened, the demand for investor and owner occupier grade dwellings has soared, with the average unit growing from $416,000 to $796,000 or an average of 11.8% per annum.
“We expect this site will rival its neighbour’s record breaking sale price as we have already had a number of interested parties enquire and the expressions of interest campaign hasn’t even commenced,” he continued.
12-14 Lachlan Avenue & 13 Cottonwood Crescent, Macquarie Park is being offered for sale by way of Expressions of Interest. EOI’s begin Tuesday 5 September and must be submitted no later than 4pm (AEST) Thursday 5 October 2017.