One Global Residences & Resorts, a new development company, has acquired a 6,974 sqm parcel of land in a prime location in Macquarie Park. This new development company was recently backed by Iwan Sunito.
The Macquarie Park site will span across Lachlan Avenue, Windsor Drive, and Herring Road. This is one of Sydney’s fastest-growing and most exciting precincts.
The sale was managed by Savills and is believed to be one of the largest recent sales in Australia.
The site will be turned into a premium, three-tower ‘signature selection’ residential development with a gross realisation of $450 million. It will comprise a mix of 270 immaculately designed apartments that are large in size. It will also comprise a luxury 100-room boutique hotel and specialised premium retail.
A shared concierge and premium community facilities will also be available to residents. This will mean lower cost strava levies for residential purchasers as well as access to services usually only accessible in hotels. This includes 24-hour food and beverage services.
This project will aim to set a new benchmark in luxurious larger-sized residences, hotels, retail, and facilities.
“The platform has been specifically established to work with funds and financial institutions in stand-alone joint ventures,” said Mr Sunito.
“As the first of many acquisitions, the Macquarie Park site is a significant investment which we plan to deliver a truly extraordinary residential offering to the market, unlike anything else currently available in Sydney.”
“The Macquarie Park site is ideally located for residential apartments as it is within easy walking distance to Macquarie University, the recently expanded Macquarie Centre and Macquarie Park Metro Station.”
Savills Director Stuart Cox, who facilitated this sale, said, “This was a very unique offering for Macquarie Park providing future residents within this development the opportunity to live within 300 metres of Macquarie University, Macquarie Centre, Macquarie Railway Station and the Macquarie Bus Interchange.”
“Also significant is the site’s 77 existing apartments which will remain tenanted until a DA is achieved later this year.”
It is predicted that this project will be brought to market in 2023.
Located just 12.5 kilometres from the CBD, the amount of amenities in Macquarie Park ensures this is a highly desirable place to live, work and study.
“Macquarie Park has become one of Sydney’s fastest growing and most desirable suburbs to live, work, study and shop, largely due to its sheer abundance of amenities, universities, shopping centres and transport options”, said Mr Cox.
“The changing face of Macquarie Park from the light industrial and commercial centre to a mixed-use core, has seen the demand for residences close to employment centres and transport connections skyrocket over the past two to three years,” he continued.
“The suburb is earmarked to grow to the fourth largest CBD in Australia by 2030, by doubling its current working population of 40,000 employees and expanding from 850,000 square metres of commercial space to potentially over two million square metres.”
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Header image courtesy of One Global Residences & Resorts.
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