Coronation buying data centre site for apartments
Coronation Property is the second developer this week to pick up a major commercial investment with plans for apartments.
The group is speculated to be paying $85 million for 44-50 Waterloo Road, Macquarie Park – an office/warehouse part occupied by Macquarie University’s School of Engineering.
A build to rent project is earmarked for the 1.52 hectare lot.
Seller ESR, which was privatised this month, paid AMP $71m in 2021 with plans for a 46,000 sqm data centre; it was represented for the sale by Colliers’ Guillaume Volz, Trent Gallagher, Adam Woodward and James Mitchell.
Earlier this week we reported The Living Company, a new Scape brand, outlaid $32m for a collection of Waterloo office/warehouses, also with plans for high density apartments.
Change of plan
The Waterloo Rd asset was returning $3.48m annual rent when it was listed last March.
Coronation should be able to build up to 110 metres.
Founded in 2012 by Joe Nahas, the group plans to become one of the country’s biggest BTR providers, earlier this year paying $220m for two sites, at St Leonards and Waterloo.
In March we reported it filled a Parramatta BTR project – the Charlie Parker.
Its book also includes projects of this type at Erskineville and Merrylands.
All up, it is intending to build some 3500 BTR units by 2027.
Incorporating build to sell projects, its development pipeline is close to $6 billion, measured by end-value.
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