Development site to break new records in NSW

One of the last significant development sites near Macquarie Centre, Macquarie University and Macquarie University Station is set to break new records as the largest collective residential sale in NSW with 100 per cent unit entitlements.

The site at 7-11 Lachlan Avenue and 157-159 Herring Road at Macquarie Park in Sydney’s north west comprises five detached existing residential flat buildings, each on separate strata titles, accommodating 65 apartments constructed over four storeys.

They include ground floor secure garage parking on a 5,070 sqm site which was rezoned to B4 Mixed-Use in an amendment to the Ryde Local Environmental Plan 2014 which formed part of the Macquarie University Station Precinct revitalisation.

There is a 45 metre maximum height limit for the site with a Floor Space Ratio of 4:1.

The site lends itself to a premium mixed-use development capable of providing 20,288 sqm of GFA and potential for around 240 apartments.

Neil Cooke, Stuart Cox and Johnathon Broome of Savills Australia have been appointed to sell the collective site.

Cooke says the site represents a unique opportunity to acquire a well located, substantial parcel of land, with excellent development upside.

“Situated centrally within close proximity to all of the conveniences of Macquarie Park, the site provides exceptional district and city views to the east and Blue Mountains views to the western elevation and is nestled amongst one of Sydney’s fastest growing communities”, Cooke said.

“Very rarely do developers/ investors have the opportunity to acquire 100% of unit entitlements (65 of 65 existing residential units) in NSW and this site ticks every box for prospective developers and student accommodation providers, given the close proximity to one of Australia’s leading Universities and everything Macquarie Park has to offer” he continued.

The North facing site has three street frontages of near 80 metres along Herring Road, 74 metres along Windsor Drive and 58. metres along Lachlan Avenue. 

As at 2015, Macquarie University had 40,209 students made up of 31,568 domestic students and 8,641 international students.

Cooke said there is excellent demand for owner occupier residential apartments and student accommodation in this location. 

“This is supported by incessant population growth and extensive sales evidence from recent projects released to the North Shore market, predominantly within Macquarie Park and North Ryde” he said.

Last year, Savills Australia sold an amalgamated site at 12-14 Lachlan Ave and 13 Cottonwood Crescent in Macquarie Park for circa $54 million and a site at 15-21 Cottonwood Crescent in Macquarie Park which sold for in excess of $85 million.

The site will be sold by way of an international expressions of interest campaign which closes May 9.