Stockland announcd it has received development approval for the masterplan and first stage of its A$500 million M_Park development at Macquarie Park in Sydney as a part of its $2.5 billion Workplace and Logistics development pipeline.
Stockland will develop a new commercial precinct in five stages across the three hectare site, includes 55,000 square metres of A-grade commercial and retail space- state-of-the-art office, co-working, retail and conference facilities- across five buildings.
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.
“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,“ said Louise Mason,Stockland Group Executive and CEO of Commercial Property.
“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,” she added.
“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.”
M_Park is located between 17 Khartoum Road and 33 Talavera Road, approximately 12km north-west of Sydney’s CBD.
M_Park is the only precinct in Macquarie Park designed by an international architect, 3XN, The project is centred around the key elements of work/life balance, wellness, movement, community, and flexibility.
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.