LaSalle Investment Management Lodge Plans for Macquarie Park Office

LaSalle Investment Management (LIM) have lodged plans for a site in Macquarie Park for the development of 3 new commercial buildings.

LIM acquired the site at 40-52 Talavera Rd from Acqualand for $70m in 2019 and plan to invest in excess of $200m to develop the three buildings across the site.

The 25,028sqm site comprises one large land parcel of land within the Macquarie Park Corridor business precinct, approximately 12 km north-west of the Sydney CBD and just 750m to the Macquarie University Metro Train Station and Macquarie Shopping Centre.

Macquarie Park is currently the second largest office market in NSW, generating over $9 billion for the Australian economy each year with approximately 850,000 square metres of commercial office space and more than 43,000 workers.

The LIM DA attempts to capitalise on the shift toward well supported suburban office precincts by turning an older style low rise office / warehouse building into a highly sustainable, contemporary workspace.

The DA submission comprises a Concept DA for the whole Site, with a Detailed DA for the Stage 1 which will include the first 11,639sqm building.

Importantly, Stage 1 has been designed to enable the existing buildings to remain operational during construction.

The Concept DA proposes the construction of new floor space of up to 37,542 sqm comprising 3 office buildings (6 to 7 storeys), a childcare facility (to replace the existing) and ancillary café/food and beverage space.

The property will also be served by 3 levels of basement parking for approx 600 cars, bicycle parking and EOT facilities, roof-mounted photo-voltaic (PV) panels and a significant amount of open space.

The intended design will create a series of new office buildings which are separated by recreational and bushland park in the middle of the site.

The proposed floor space exceeds the general permitted FSR of 1:1, however the an Incentive Floor Space Ratio of 1.5:1 applies where recreation and accessibility benefits are evident.

LIM propose to develop the property to a ‘Gold’ WELL Certification standard design the buildings in accordance with a 5 star Green Star Design & As Built rating, a 5.5 star NABERS Energy rating and a 5.5 star NABERS Water rating.

The DA is on exhibition until January following which the Council’s report will be referred to the Sydney North Planning Panel.