This article is from the Australian Property Journal archive
THE NSW government has proposed a rezoning at Macquarie Park that would enable delivery of at least 3,000 new homes and support commercial office space for up to 23,000 jobs.
Under the proposal, developers would be given flexibility and could choose to instead construct up to 5,040 build-to-rent homes instead of commercial real estate – taking the number of new homes beyond 8,000.
In its base form, the proposal would deliver 3,060 new homes, eight hectares of new public open space, a large multi-purpose indoor recreation facility, walking and cycling paths and the commercial space in an area bounded by Sydney Metro stations at Macquarie University and Macquarie Park, and which is home to Macquarie University and the Macquarie Centre shopping centre, and is near the Lane Cove National Park.
Passengers from Macquarie Park Metro Station will be able to reach the CBD within 20 minutes when the City and Southwest Metro opens between Tallawong and Sydenham in 2024.
Macquarie Park is the fourth largest office market in NSW, behind Parramatta, North Sydney and Sydney CBD, and is home to businesses from industries such as IT and pharmaceuticals.
It includes mixed-use commercial and residential development along Shrimptons Creek, Lane Cove Road and Epping Road and the renewal of Waterloo Road. Along with residential development, the proposal includes ground-level retail for entertainment, dining, and recreation, while new public open space would include play areas, sports fields, fitness stations, and BBQ areas along with picnic tables and shelters.
The Macquarie Park Innovation Precinct Stage 1 proposal builds on the vision set out in the Macquarie Park Innovation Precinct (MPIP) Place Strategy finalised by the Department of Planning and Environment (DPE) in 2022 which outlines a staged approach to the development and transformation.
Feedback received from the community and stakeholders will be taken into consideration to help inform the final plan in mid-2024.
“We are constantly searching for ways to ease our housing crisis, and this proposal can help,” said Premier of NSW Chris Minns said.
“The construction of homes in NSW has simply not kept pace with our population growth.”
Rental conditions in Sydney have continued to deteriorate, with the rental vacancy rate falling a further 0.08% to a new record low of 1.11%, according to PropTrack data released yesterday.
“This area is already a good place to work, and we will make it a great place to live and work.
“More and more, we will ensure the construction of new homes happens in places with great transport links, like this area.
“We need to take full advantage of the investments our state’s taxpayers make into public transport.”
Minister for Planning and Public Spaces, Paul Scully more housing in established areas is needed to improve affordability, reduce infrastructure costs, and limit the burden on taxpayers.
“This rezoning is an opportunity to deliver more homes on the doorstep of the CBD and near well-connected public transport including the new Macquarie Park metro station.
“We want to see density in precincts like this be part of Sydney’s future, supporting homes and jobs that are accessible to everyone in the community.
According to Urban Taskforce CEO Tom Forrest, after the former government spent billions of taxpayer dollars on the Northwest Metro, they “failed to capitalise on this investment at Macquarie Park”, but he said the rezoning proposal is a complete turnaround from the “timid” rezoning review conducted by DPE which “underwhelmed and undercooked the tremendous potential of the precinct”.
“Today’s decision shows what can be achieved when there is the political will to make decisions that prioritise housing supply,” he said.
“This is a sign that the government is determined to see increased housing supply in Sydney’s East. Homes located near jobs will stimulate Macquarie Park as both a commercial destination as well as a vibrant place to live.
“Urban Taskforce congratulates Premier Minns and the Planning Minister Scully for their vision and commitment with this decision. After some time waiting and hoping, this is the first real sign that the Government is determined to take control. We are hopeful that there is more to come,” he said.
