Goodman sells new Macquarie Park office

Goodman last year sold Keppel REIT Pinnacle Office Park in the suburb.

Goodman Group has sold a Macquarie Park office which reached practical completion late last year.

The Banfield Road building reached practical completion late last year. Image: Google Street View.

The $144 million deal for the Macquarie Park Corporate Centre at 2 Banfield Road reflects a 5.1 per cent yield.

The buyer is understood to be US-based AEW Capital, which has been contacted.

The off-market transaction was mooted mid-last year but at a slightly lesser value.

Colliers International’s Jon Chomley and Sophie Tieman represented Goodman.

Macquarie Park Corporate Centre

Macquarie Park Corporate Centre contains 14,600 square metres of A-grade office space over twelve storeys.

Schneider Electric is committed to two thirds of it, while a c1300 sqm full-floor is also understood to be under offer with a tenant.

The HDR Rice Daubney designed building also contains ground level retail and a gym (story continues below).

The Banfield Road property (orange) is about 16 kilometres from Sydney.

It abuts Macquarie Centre – the country’s second biggest regional shopping complex.

Macquarie Park deals

Macquarie Park is Sydney’s second largest office market – occupied by businesses including 3M, Astra Zenica, Ericsson, Foxtel, Metcash, Oracle and Toshiba. The CSIRO has a base there too.

In 2019, Optus re-committed to a landmark six-building headquarters – 84,194 sqm – in the suburb.

That landlord, Stockland, recently purchased Johnson & Johnson’s Macquarie Park office. As part of that deal, it will build the medical group a replacement in the area.

In recent months, the suburb has attracted significant investor interest – with several nine figure deals, including Goodman’s disposal of the Pinnacle Office Park to Keppel REIT for $306m.

Another Singapore buyer, Ascendas REIT, outlaid $456.1m on Macquarie Park investments in two deals, last quarter. One of those assets, MQX4, is taking shape on the Lane Cove Rd site which was for years Dick Smiths’ headquarters.

The suburb is about 16 kilometres north west of the city.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco