$1.1b Visionary towers for Macquarie Park

$1.1b Visionary towers for Macquarie Park

22 February 2019

Chinese-backed developer Visionary has lodged development applications for a $1.1 billion four-tower residential, hotel and office complex project at Macquarie Park, which is slowly being transformed into a high-density urban centre, reports The Australian.

Located approximately 16 kilometres north-west of Sydney’s CBD, the development site is bordered by Macquarie University, Macquarie Shopping Centre and the Macquarie University Train Station.

Despite increasing uncertainty around the real estate sector, Visionary is betting Macquarie Park will grow into a high-density urban centre, thanks to expansion at Macquarie University, construction of the M2 motorway and government investment in rail infrastructure, which is adding three rail stations as part of the Epping to Chatswood rail corridor.

Macquarie Park’s fundamentals remain sound, Visionary says, which is why the company has submitted the DAs.

With plans to capitalise on an undersupply of growth, the developer told The Urban Developer that the Greater Sydney Commission’s North District Plan anticipates 196,350 additional people expected to live in the district in 20 years, 11 per cent of Greater Sydney’s forecasted growth.

“The Ryde area, and the North District (defined by the Greater Sydney Commission), show an undersupply of homes and a predicted additional 1,000 homes needed each year to meet population growth projections. The project has a five year-plus horizon,” a Visionary spokesperson said.

The development application includes more than 600 homes for about 1,300 residents, as well as an upmarket hotel to be branded as Silkari, commercial office space and retail facilities.

The 88 Waterloo Road tower will offer 172 residential apartments, inclusive of six-penthouse apartments, across two separate towers connected at ground level and via a bridge at the penthouse level.

The 86 Waterloo Road 20-level tower will comprise 153 residential units aimed at investors as well as university students and will focus on providing communal spaces.

Ground floor retail tenancy comprises a “venture café” on Waterloo Road.

About one-quarter of the project will be devoted to communal open space.

Late last year Visionary announced the final stage of its $260 million mixed-use community in Sydney’s south-east suburb Pagewood, adding 256 new dwellings to the area.

Visionary purchased the 19,000 square metre site, at 32 Page street, in 2016 from Robert Magid for $41 million.