Stockland continues to progress its $2.5 billion Workplace and Logistics development pipeline, today receiving development approval for the masterplan and first stage of its $500 million M_Park development at Macquarie Park in Sydney.
Stockland will develop a new commercial precinct across a three hectare site integrating state-of-the-art office, co-working, retail and conference facilities. The first stage of development is expected to commence mid to late 2020 and will include 18,000 square metres of office and 296 secure basement car spaces.
Stockland Group Executive and CEO of Commercial Property, Louise Mason, said: "The approval of this significant development project in the heart of Macquarie Park, is another important step in the progress of our $2.5 billion Workplace and Logistics development pipeline. "
"This project is a key part of our strategy to grow our Workplace and Logistics exposure through development opportunities across existing properties and strategic acquisitions."
Setting a new precedent for quality workplace development in Sydney, on completion M_Park will form part of a 55,000 square metre masterplanned commercial precinct. Incorporating communal green space, the future development will also incorporate amenities such as cafes, childcare and services.
The M_Park masterplan has been designed to enhance low carbon mobility by creating a walkable environment with on-site conveniences, co-working spaces, indoor and outdoor breakout areas and easy access to sustainable transport, including public transport, EV charges and car share facilities.
Tony D'Addona, Stockland General Manager of Logistics and Business Parks, said: "M_Park will create an imaginative workplace in a well-connected and accessible location attractive to start-ups & innovators, entrepreneurs as well as established businesses in an environment conducive for collaboration."
"Located in the heart of the Macquarie Park commercial precinct, the site is well connected by road and rail with the new metro, Macquarie University Railway Station and high-frequency bus services within walking distance, as well as direct connections to the M2 Motorway via Talavera Road."
Stockland owns over 156,000 square metres of assets within the Macquarie Park and North Ryde area with a book value of $691 million1. The group's Workplace and Logistics business is currently valued at approximately $3.3 billion, making up 23 per cent of the company portfolio.
Earlier this month, Stockland announced the renewal of its office lease with major tenant Optus at Macquarie Park for another 12 years, with the option to extend for up to 10 years. Stockland will undertake upgrade works to enhance the facilities in partnership with Optus, including end-of-trip facilities, new access roads, drop-off areas, a pedestrian link from the car park and building upgrades.
Tony D'Addona continued: "This long-term commitment from Optus further demonstrates the strength and appeal of the Macquarie Park market, and we're excited to transform M_Park into a new-age workplace to rival some of Sydney's best commercial precincts."
"We have worked closely with the City of Ryde on this project and we look forward to working with them and our local stakeholders to bring our vision for the future of work to life."