
Romeciti pays $120m for Goodman site at Macquarie Park
Sydney residential developer Romeciti has scooped up a 1-hectare site with an office building, the Everglade Campus at 82 Waterloo Road, Macquarie Park, in Sydney’s north, from Goodman Group in an off-market deal.
Romeciti declined to comment on the confidential sale price but sources have indicated the deal to be priced at about $120 million.
The company has extensive apartment developments in Eastwood, south Sydney and Manly, has been expanding its residential footprint across Sydney. This is the group’s second go at breaking into the hectic residential market of Macquarie Park, also home to one of Sydney’s largest business parks.
The developer had bid for Macquarie University’s 5022-square-metre development site, the “Parklands” property at 137-143 Herring Road, not far from 82 Waterloo Road exactly a year ago but lost out to Chinese newcomer China Overseas Holdings, which paid $80 million for the property.
Romeciti has already submitted a development application to council to turn 82 Waterloo Road into a mixed-use development with two 20-storey towers comprising a shared podium and 357 apartments.
There will be 167 square metres of retail space and four levels of basement parking. The anticipated project cost is $122 million.
It is a sought-after location because it is a short walk to Macquarie Shopping Centre and the train station – key amenities for apartment dwellers.
“Because of population growth, high-paying jobs and quality education, Macquarie Park has become Sydney’s most sought-after address. And more home buyers are realising the suburb’s potential because the area’s future development is strongly supported by the government,” a Romeciti spokesperson said.
Attracting developers
Macquarie Park’s residential conversion has attracted a slew of developers including Toga, Stamford Land Corporation, Greenland, Country Garden and JQZ.
The suburb’s proximity to the CBD – 13 kilometres – is a hit with homebuyers.
Existing house and apartment owners in the suburb – recognising the value of their land holdings – have also started to band together to sell.
At the start of the year, a student accommodation provider paid $50 million for 45 apartments at the two unit blocks at 1-3 Cottonwood Crescent and 2-4 Lachlan Avenue, opposite Macquarie Centre.
Urban Taskforce’s Chris Johnson said there was no threat that Macquarie Park would lose its business park status despite the increasing numbers of apartments.
“There’s still a lot of commercial and industrial property in Macquarie Park and a good way to do development is mixed use. Where there are just jobs, there should be some housing and vice versa,” he said.
“Having housing dispersed in the business park is a good thing, so after 5pm the suburb doesn’t become completely dead.”
An example where commercial development has been taken too far is North Sydney.