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.
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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