Neighbours of Macquarie Park's $80 million property sale list

One month after 55 homeowners in Sydney’s Macquarie Park became instant millionaires after a private developer payed in excess of $80 million for the neighbours are following suit.

Some 33 of 36 units on the one Macquarie Park block are on the market through Savills.

The unit blocks on 12-14 Lachlan Avenue and 13 Cottonwood Crescent, Macquarie Park are zoned B4 mixed use, with potential to construct 12,688sqm of GFA (STCA) with a 45 metre maximum height limit. 

The land includes two detached existing residential flat buildings with 12-14 Lachlan Avenue containing 24 apartments and 13 Cottonwood Crescent containing 12 apartments, both constructed over four levels complete with ground floor secure garage parking.

According to Neil Cooke, Director, Residential Site Sales at Savills, there is also an opportunity to obtain a delayed settlement, which may suit a number of developers and investors alike.

“Macquarie Park has become one of Sydney’s fastest growing and most desirable suburbs to live and work," he said.

"The changing face of Macquarie Park from a light industrial and commercial centre to a mixed use core, has seen the demand for residences close to employment centres and transport connections skyrocket over the past two to three years."

Stuart Cox, Director, Residential Site Sales at Savills, said rezoned opportunities like this rarely become available in growth suburbs of this scale and significant interest from local, interstate and offshore developers is expected.

“Macquarie Park has plans to grow to the fourth largest CBD in Australia by 2030, by doubling its current working population of 40,000 employees and expanding from 850,000 square metres of commercial space to potentially over 2 million square metres," he said.

"Since 2009, when the Chatswood to Epping Railway line opened, the demand for investor and owner occupier grade dwellings has soared, with the average unit growing from $416,000 to $796,000 or an average of 11.8% per annum.

“We expect this site will rival its neighbour’s record breaking sale price as we have already had a number of interested parties enquire and the expressions of interest campaign hasn’t even commenced."

12-14 Lachlan Avenue & 13 Cottonwood Crescent, Macquarie Park is being offered for sale by way of expressions of interest beginning Tuesday 5 September.

Some 55 homeowners in Sydney’s Macquarie Park became instant millionaires in August when a private developer payed $80 million for the 5,130sqm site situated at 15-21 Cottonwood Crescent.