Frasers Property Industrial and Winten Property Group are selling an unbuilt office at their proposed Macquarie Exchange business park to Ascendas Reit.
The $167.2 million deal for MQX4, at 396 Lane Cove Road, Macquarie Park, is expected to settle late this year.
The vendors will complete construction in mid-2022.
It was offered as an investment with a three year rental guarantee if FPI and Winten don’t find tenants.
The sale comes a week after Keppel REIT, which like Ascendas Reit, is Singapore based, paid Goodman $306m for the Pinnacle Office Park in the suburb.
Two months ago Stockland agreed to buy Johnson & Johnson’s Macquarie Park headquarters, abutting its M_Park industrial estate.
The same landlord co-owns telecommunication giant Optus’ six-building national base, within cooee of MQX4.
That asset, known as Optus Centre, is held in partnership with AIMS APAC REIT, which is also Singapore listed.
Macquarie Park is about 13 kilometres north west of Sydney.
MQX4 at Macquarie Exchange
MQX4 is earmarked for a 3308 square metre portion of the 1.56 hectare former Dick Smith headquarters at the corner of Waterloo Rd, abutting the western entrance of the Macquarie Park metro station.
It will rise nine storeys over a 204-bay basement car park and contain 1631 square metres of retail.
The 17,753 sqm office component will be A-grade.
MQX4 is also designed with balconies, a rooftop terrace and interconnecting floors via a winter garden.
Winten development director Stuart Vaughan said Macquarie Park “is ideally timed to meet the changing needs of a more mobile and potentially decentralised workforce”.
“Infrastructure upgrades are improving connectivity…and the area’s gentrification is enhancing the amenity,” the executive added (story continues below).
“The sale of MQX4 to Ascendas Reit is in line with our capital management programme and shows the strength of market demand for what’s being created,” FPI chief executive officer Reini Otter said.
“Macquarie Exchange will reinvigorate Macquarie Park, enabling the precinct to fulfil its potential as a critical employment and innovation hub for the future, taking advantage of new and existing infrastructure”.
Macquarie Exchange at 396 Lane Cove Road, Macquarie Park
Dick Smith sold the Macquarie Park site to Winten and FPI (as Australand) for $30m in 2006.
The landlords won permission to replace the parcel with the $750m Macquarie Exchange, seven months ago.
The Bates Smart project will contain four buildings with a total of about 74,093 sqm of offices.
The tallest, MQX1, will rise 16 levels and also include a winter garden connecting floors.
The balance of the commercial structures will be about the same height as MQX4.
Some 5693 sqm of retail has been designed throughout the project.
A 2200 sqm park is also planned.
Upon completion in about 2028, the developers are anticipating about 7000 people will work there.
A 6-star Green Star Design & As Built rating, 5.5 star NABERS Energy score, and certifications from WELL Silver and Core and WIRED, are being targeted.
Macquarie Exchange aims to be carbon neutral, too.
Construction is set to commence this year.