Biggest amalgamated site in Macquarie Park for sale for about $350 million
A group of private industrial owners, including Chinese luxury real estate agent Monika Tu, have put on the market the biggest one-line strata amalgamated site in Sydney’s Macquarie Park for a potential price of about $350 million.
The owners have joined nine industrial units together at 6-8 Byfield Street to make up a 2.3-hectare site suitable for rezoning into residential development.
The site, if successfully rezoned, could yield about 1050 apartments, or about 92,800 square metres of dwellings up to a height of 81 metres.
An Urbis design study for the site includes a new pedestrian connection, retail spaces and multilevel car parks.
The off-market expressions of interest campaign undertaken by JLL’s John Macree and Balmoral Partners Barry Johnston is seeking a developer to undertake a planning scheme. The successful buyer will hold an option over the site while rezoning and new floor space ratios are being negotiated.
The campaign closed last week, and it is understood several “large, sophisticated” parties have expressed interest. The agents on the deal declined to comment.
The property is close to the Macquarie Centre and two train stations, as well as several other apartment developments by Toga, Greenland, Stamford Land and Romeciti.
The site lies close to the Herring Road Activation Precinct, which benefits from residential uplift and infrastructure upgrades.
Macquarie Park is undergoing one of the biggest booms in residential development in Sydney following a master plan to revitalise the business park.
It has also been a subject of large-scale strata amalgamations, on the back of heightened housing development activity and the new NSW strata renewal rule that allows 75 per cent of owners to undertake a sale of a strata of units.
The Cottonwood Crescent and Lachlan Avenue area has had several amalgamations, while another site at Herring Road is also on the market.
