Chinese developer to press on with $1.1bn Macquarie Park complex
The downturn in house prices is not stopping Chinese-backed developer Visionary from lodging 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.
The expansion of 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, is contributing to Macquarie Park’s evolution into a high-density urban centre.
Visionary, a specialist in real estate development and investment, has lodged plans for developments at 86 Waterloo Rd, 88 Waterloo Rd and 8 Cottonwood Crescent with Ryde council.
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Visionary says Macquarie Park’s fundamentals remain sound, which is why the company has submitted the DAs.
“The Ryde area, and the North District (defined by the Greater Sydney Commission), show an undersupply of homes and a predicted additional 1000 homes needed each year to meet population growth projections. The project has a five year-plus horizon,” Visionary says, adding that its development team had an average of 30 years experience.
Visionary has exchanged contracts to acquire all apartments in the existing buildings on the sites and has commenced completion of the acquisitions.
The plan is to produce more than 600 homes for about 1300 residents, as well as an upmarket hotel to be branded a Silkari, commercial office space and retail facilities. The 86 Waterloo Rd 20-level tower will comprise 153 residential units aimed at investors as well as university students and will focus on providing communal spaces. The proposed residential apartment mix is 51 one-bedroom apartments, 44 one-bedroom apartments with studios incorporated within, and 58 two-bedders, according to plans lodged with the council.
A separate commercial and retail building at the Waterloo Road frontage is also proposed.
The 88 Waterloo Rd tower will provide premium housing product with about one-quarter of the project devoted to communal open space.
Macquarie Park’s local resident population is forecast to grow to 41,800 by 2036 with an average growth rate of 3.3%.
– with Ben Wilmot
This article originally appeared on www.theaustralian.com.au/property.
