Goodman Group has snapped up two vacant office buildings at 58 Waterloo Road, Macquarie Park in Sydney’s north for $40.5 million.
The two buildings sit on a 1.13-hectare site and come with 50 car spaces and a separate on-grade car park for 70 vehicles.
Swiss pharmaceutical company Novartis International sold the property to Goodman, through Colliers International’s Jon Chomley. The company was previously occupying the two buildings before constructing a new head office at the adjoining 54 Waterloo Road, leaving 58 Waterloo Road empty.
It is understood Goodman seized the opportunity to hold on to these assets which would undergo a value uplift when the Priority Precinct Review for Macquarie Park is completed this year.
“This property is superbly located to take advantage of the future development of the Park,” Mr Chomley said.
“The Priority Precinct Review which will be completed in 2018 could see significant uplift in the overall floor space ratio allowed on sites near the metro station, or alternatively, a change of use from the current B3 Commercial zoning, which means we can expect even more development in the area.”
The property is 300 metres from the Macquarie Park train station and is close to AMP Capital’s Macquarie Park shopping centre.
Designed by HDR, it also has high grade amenities including end of trip facilities.
Leasing the property would not be difficult with vacancy in the Macquarie Park falling, as shown the recent Property Council update.