Boutique office development changes the landscape in Macquarie Park29 October 2021
Construction is underway on a speculative $90 million, boutique office development in Macquarie Park amid ongoing tenant interest in suburban Sydney workspaces.
Kamirice, a private property group with over 70 years of experience, has kickstarted work on the 10,000sqm Eden Park Drive development, Array, which is due to be completed in mid-2022.
It is the latest undertaking for Kamirice, which owns office assets such as 39 Hunter Street and 1 Kent Street in the Sydney CBD, as well as 500 Collins Street in Melbourne – Australia’s first existing building to achieve a 5-Star Green Star Design rating. 500 Collins also recently became Australia’s first existing building to achieve WELL Platinum Certification.
CBRE and Colliers International have been appointed to steer the leasing campaign for the Array project, which comprises seven floors with a typical floor plate size of circa 1,600sqm.
With the current focus on health and the return to the office, the Architectus-designed building has kept the wellness of building occupants at the front of mind throughout the design process. The building includes technology and design features to improve the health and wellbeing of building occupants and features two expansive outdoor terraces with bushland and precinct views on the upper floors.
Given Kamirice’s track-record of achieving market-leading sustainability and wellbeing ratings, the building is expected to achieve strong Green Star Design, NABERS and WELL ratings.
CBRE’s Mark Martin said Macquarie Park had been one of Sydney’s most resilient office markets, with the area’s vacancy rate having remained largely unmoved this year at 9.7% according to the Property Council of Australia’s mid-year Office Market Report.
“There has been increasing tenant demand in Macquarie Park from flight to quality tenants wanting new or A-grade buildings, which are typically available at less than half the price of the CBD and North Sydney,” Mr Martin said.
“The credentials of Architectus and builder BESIX Watpac will be drawcards for prospective Array tenants, assuring the high quality of design and finishes of the building on completion.”
Kellie Hatch of Colliers International noted that the project was unique amongst current developments in Macquarie Park, in that it was not part of a multi-building development site.
“Other new office buildings in Macquarie Park will have construction taking place around them for years after completion, which is always disruptive for the occupants. Array is a stand-alone development, so tenants will enjoy the benefit of their stable new surroundings from day one,” Ms Hatch said.
“With Kamirice’s track record of owning high-quality assets, investing for the long-term and building strong tenant relationships, they have earned a reputation as a trusted property partner. Array presents a great opportunity for tenants looking to build a lasting relationship with a landlord who can be responsive to their needs.”