Stockland’s $2.5 billion Workplace and Logistics development pipeline received a further boost following the approval of the masterplan and first stage of their $500 million commercial development at Macquarie Park in Sydney.
Located in the heart of Macquarie Park – the second largest office market in NSW – Stockland’s new business precinct, M_Park will be developed in multiple stages on a three-hectare site and will include state-of-the-art office, co-working, retail and conference facilities.
Designed by international architecture firm, 3XN, the business precinct focusses on the key elements of work-life balance, wellness, movement, community, and flexibility. The first stage of development, which is expected to commence next year, will include 18,000 square metres of office space and a basement carpark to accommodate 296 vehicles.
With approximately 850,000sqm of commercial office space and more than 43,000 workers, Macquarie Park generates over $9 billion for the Australian economy each year (Pricewaterhouse Coopers, 2015).
“Setting a new precedent for quality workplace development in Sydney, on completion M_Park will form part of a 55,000-square-metre masterplanned commercial precinct. Incorporating communal green space, the future development will also incorporate amenities such as cafes, childcare and services,” Stockland group executive and CEO of Commercial Property, Louise Mason says.
The M_Park masterplan promotes low carbon mobility by creating a walkable environment for workers to access on-site conveniences, indoor and outdoor breakout areas, cafes and restaurants, and transportation facilities.
Tony D’Addona, Stockland general manager of Logistics and Business Parks, says: “M_Park will create an imaginative workplace in a well-connected and accessible location attractive to start-ups and innovators, entrepreneurs as well as established businesses in an environment conducive for collaboration.
Stockland owns over 156,000 square metres of assets within the Macquarie Park and North Ryde area with a book value of $691 million. The group’s Workplace and Logistics business makes up 23 percent of the company portfolio, and is currently valued at approximately $3.3 billion.
On completion, the M_Park business precinct will offer 55,000sqm of A-grade commercial and retail space; smart technology across all office fit-outs; dedicated health and wellbeing facilities including a gym, secure bicycle storage, childcare and end-of-trip facilities; and dedicated secure and on grade car parking.