Sonic expands Macquarie Park footprint, plans state significant project
Stockland has quietly sold a Macquarie Park office to neighbour Sonic Healthcare which has just applied to replace the amalgamation with a residential-based mixed use project.
The ASX-listed developer and asset manager is reaping $70 million – book value – for 16-20 Giffnock Avenue (pictured, top), on 1.3 hectares.
The deal comes a year since the landlord leased a 6200 square metre chunk to Douglass Hanly Moir (DHM), part of Sonic, for expansion space to its adjacent central laboratory, considered the country’s largest pathology facility.
That property, 14 Giffnock Ave, spanning 1.2ha incorporating 95-99 Epping Road, has been owned since 1997 by the healthcare giant, also on the ASX.
Both blocks contain six level offices with space rated B-grade.
Rezone, high rises, site resale planned
Sonic has now applied to rezone the amalgamation from E3 Productivity Support to MU1 Mixed Use, upping the height limit to 130 metres with a 3.3:1 floor space ratio.
It is also seeking approval under the State Significant Development pathway to construct two towers, of 28 and 39 levels, with a total 514 apartments, five per cent which will be allocated as affordable housing (continues below).
Commercial zones would be built into multi-level podiums.
Penned by DKO Architects, the total gross floor area circles 48,052 sqm.
Sonic told the NSW Department of Planning, Housing and Infrastructure the capital investment will be about $350m.
It is speculated will sell the property once it obtains approval.
Macquarie Park is about 13 kilometres north west of Sydney’s CBD.
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