John Holland to build $170m Macquarie Park commercial hub
Infrastructure and property group John Holland has won a $170 million NSW government tender to develop a new commercial precinct in Macquarie Park in Sydney’s northern suburbs.
The company’s selection as preferred developer to transform the site is the latest marker for the now Chinese-owned group, which is making a major push into property development.
The strategic 3.2ha development site in Macquarie Park can accommodate up to 117,000sqm of office space over five stages and will be keenly sought after as the area is transformed.
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John Holland chief executive Joe Barr says the $1 billion-plus development continues the company’s shift in focus from being a top engineering and construction contractor to a fully integrated infrastructure and property company.
“We are already involved in significant joint venture developments in Brisbane and Adelaide and focused on a number of opportunities across the country,” he said.
He adds the site is adjacent to the soon-to-be upgraded Macquarie Park Sydney Metro station and the site holds strong potential in coming years.
John Holland has also flagged its interest in the over-station developments in Sydney and is already undertaking such works in Melbourne.
John Holland executive general manager, development and investments, Tom Roche, says the project will create more than 4000 jobs during the development phase and ultimately house more than 2,500 office workers.
We are already involved in significant joint venture developments in Brisbane and Adelaide and focused on a number of opportunities across the country
The deal over the property at 45-61 Waterloo Rd is the latest marker for the area where property values have rocketed.
The transaction was brokered by Jon Chomley and John Carney of Colliers International.
The NSW minister for finance, services and property Victor Dominello says the deal for the 3.2ha site was part of the government’s asset recycling policy.
“By divesting this vacant government property we can reinvest the capital into Restart NSW which is used to deliver new and improved infrastructure and services for the people of NSW,” he says.
Despite a rash of apartment projects in the area, Dominello says “key stakeholders” want Macquarie Park to remain a commercial hub.
As part of the deal, the NSW government will lease back 25,000sqm of the new office space and there is an option for it to take up another 10,000-30,000 sqm.
John Holland is experienced in infrastructure and recent Sydney projects include the Eclipse Tower and Western Sydney University’s new flagship campus, both in Parramatta.
This article originally appeared on www.theaustralian.com.au/property.
