Government commits to balance of Macquarie Park office

In another major suburban Sydney office lease deal – Charter Hall has secured the state government to 8600 square metres at a near new Macquarie Park asset.

The tenant, for Transport NSW, already committed to 70 per cent of the building two years ago, when it was under construction.

The latest deal – for levels seven and eight – means it will now be the only occupier (save for a ground floor retail area).

The Glasshouse, at 49-61 Waterloo Road, reached practical completion in March, 2020.

It is half-held by Charter Hall Long WALE REIT, which today embarked on a $250 million capital raising exercise, also to fund a $780m office portfolio outlay.

The balance is owned by Charter Hall Direct PFA Fund.

CLW fund manager, Avi Anger, said “this lease agreement significantly improves the income security and lease expiry profile…which now has a WALE in excess of 10 years” (story continues below).

It also increases the trust’s proportion of income generated by the government to 16pc.

The 35,114 sqm asset forms part of the master-planned Macquarie Square precinct and is walking distance to the Macquarie Park metro station.

Charter Hall paid John Holland $331.3m for it in late 2019.

The property is aiming to have 5-star NABERS and 5-star Green Star Design and As Built ratings.

There are also 350 car parks.

Earlier this week, Centuria secured SpeeDx to 3000 sqm – being level nine – of a South Eveleigh office.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of