This article is from the Australian Property Journal archive
THE New South Wales government is looking to offload one of the last raw development sites in Macquarie Park.
The 2,780sqm property, at Lot 10 Talavera Road, will enter the market this week via an expressions of interest campaign, managed by Knight Frank’s Cameron Fitzgerald, Grant Bulpett and Dominic Ong on behalf of Transport for NSW.
The property can accommodate up to 9,730sqm of gross floor area, with B4 mixed use zoning, the site could be utilised for a variety of functions, such as shop top housing, hotel or motel space, commercial sites or boarding houses.
Fitzgerald anticipates a significant level of interest from different kinds of developers, in part thanks to the property’s well placed location.
“This is one of the last raw development sites within the booming Macquarie Park, and with a range of potential development outcomes, it has great investment potential and will attract both local, interstate and even potentially overseas buyers,” said Fitzgerald.
Lot 10 is situated at the intersection of three major roads, Talvera Road, Herring Road and the M2 Motorway, as well as being directly across from the Macquarie Shopping Centre and a short walk from Macquarie University Station.
“There is high demand for well-located development sites within Sydney, but throughout the North Shore there are limited opportunities of this scale, certainly on a freehold basis, so we expect it will be highly sought after,” said Fitzgerald.
With the Macquarie University Station being converted into a Sydney Metro Station, by 2024 the station will allow easy access to North Sydney, Barangaroo, Martin Place and Pitt Street.
“Supported by significant existing and ongoing infrastructure investment from both the public and private sector, Macquarie Park has developed rapidly in the last decade,” said Bulpett.
According to Bulpett the population of Macquarie Park is expected to increase by approximately 140% in the next 20 years, reaching 38,900 residents.
“The ongoing transformation and population growth will continue to deliver a rejuvenated Macquarie Park that offers tenants and residents a high level of amenity, increased connectivity and a cosmopolitan lifestyle,” he added.
The site has no improvements and was once used as a Roads and Maritime Services depot.
The expressions of interest campaign for Lot 10 Talvera Road will close on May 11, 2021 and will be followed by a select tender process.
