State government banks c$135m from Macquarie Park blocks
Landmark Group is paying Landcom more than $135 million for a 1.85 hectare high-density residential development site in Macquarie Park.
The land, Stage 2 and 3 of the Lachlan’s Line estate, includes four lots between 2656-6397 square metres.
The parcels spread each side of Halifax Street.
All up they can contain about 82,212 sqm – so c950 dwellings assuming an average size of 86 sqm.
Towers are expected to rise between c10-30 storeys.
Knight Frank’s Scott Timbrell acted for the state government arm, which unsuccessfully tried to sell them in 2019.
Macquarie Park is about 13 kilometres north west of Sydney.
Lachlan’s Line
The master-planned Lachlan’s Line project spreads nine hectares at the north west corner of Delhi and Epping roads and the M2 Motorway.
Landcom has constructed significant infrastructure including a pedestrian bridge over the highway, connecting the precinct to the North Ryde Metro station.
Since 2016, Greenland has developed four towers with 592 dwellings, 4500 sqm of retail including a Coles-backed supermarket, a council run childcare complex and community centre and a park on part of a 1.53ha portion.
Known as nbh, its precinct fronting Epping Rd – for which it paid a speculated $190m six years ago – is permitted for another c293 apartments.
Following the sale of Stage 2 and 3, the government’s land and property development arm is expected to divest its final Lachlan’s Line plot – spreading c1.79ha with the potential to yield just over 800 flats and additional retail (story continues below).
In 2014, Landcom sold Frasers Property Australia a prominent site abutting the North Ryde Metro which has since made way for 380 dwellings – a project called Centrale.
Recent Macquarie Park deals
Most recent Macquarie Park acquisitions have been for commercial investments.
Last month RF Corval spent $55m on a mixed use building at 37 Epping Rd.
That vendor, Charter Hall, paid $34m for the asset in 2016.
In April we reported TPG founders David and Vicky Teoh outlaid a speculated $106.5m for a five level office/warehouse at 68 Waterloo St.
That seller, AMP Capital, not long earlier banked $71m (from ESR) for a commercial property on the same street – at #44-50.
Nine months ago it also offloaded a business park at 1-5 Thomas Holt Drive.
The buyer, Ascendas Reit, spent $288.9m.
Other Macquarie Park offices to trade in the past 12 months include:
- Pinnacle Office Park – which Goodman Group sold to Keppel REIT for $306m;
- 2 Banfield Road, which the same vendor offloaded to AEW Capital for $144m;
- The unbuilt MQX4 – part of the Macquarie Exchange Estate – which Ascendas acquired for $167.2m from Frasers Property Industrial and Winten Group.
In March, KordaMentha, as liquidator, sold a part-built serviced apartment complex at 388-392 Lane Cove Rd, for $16m ex-GST.
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