M_Park: Stockland seeks big Pharma, MedTech for $507m business park
An artist’s impression of Stockland’s M_Park Stage Two.
Sydney will soon be home to yet another major technology precinct, one that developer Stockland believes will be the largest of its kind in Australia.
The listed developer has just lodged plans for the next stage of its flagship precinct, to be built at Macquarie Park, which will be home to 100,000sq m of commercial space across five buildings and one data centre.
Stockland said the new masterplan would create up to 11,500 jobs as well as 223 jobs during the development of the part of the precinct, known as M_Park.
“With the M_Park Stage Two masterplan, Stockland is building momentum and completing the picture of a leading NSW innovation precinct that contributes to Macquarie Park’s bright future,” Stockland CEO of commercial property Louise Mason said.
“The two stages combined will have the capacity to accommodate more than 13,000 workers in a 7ha precinct that fosters innovation and collaboration and supports the health and wellbeing of workers and visitors.”
Stockland CEO of commercial property Louise Mason. Picture: Hollie Adams
Ryde mayor Jordan Lane said the municipality was home to a significantly high number of millennials and young professionals
“Any opportunity to invest in technology and create local knowledge jobs is strongly supported by the City of Ryde, especially where those jobs can be filled by local people, now and into the future,” he said.
“We also know that Macquarie Park is poised to become the fourth-largest GDP-producing centre in Australia by 2036.”
The development will result in buildings rising as high as 13 storeys, with retail and hospitality venues also on the menu. A 6000sq m green space open to the public will also be built.
The precinct will be home to 100,000sq m of commercial space across five buildings and one data centre.
To make way for the development, Stockland has proposed demolishing the existing Johnson & Johnson medical building, which it bought in mid-2020.
The development will also result in roads being built through the site, 922 basement parking spaces, public artworks and riding trails in and around the new green space.
The latest stage development is set to cost $507m with an estimated $2bn stimulation for the local economy. Stockland said it was looking to attract technology, medical and pharmaceutical tenants.
In February, Stockland unveiled a deal with Canada’s Ivanhoe Cambridge, which acquired a 49 per cent interest in the M_Park Trust focused on the delivery of the 62,500sq m M_Park Stage One. That stage is under construction, with practical completion expected in the 2024 fiscal year. It comprises three buildings and Ivanhoe Cambridge will have the opportunity to invest in future stages of the overall $2bn-plus project.
Stockland CEO Tarun Gupta has said the formation of the capital partnership at M_Park delivered on the company’s “strategy to expand our third party capital platform”.
