Like other commercial/industrial suburbs that have under gone a residential conversion, Macquarie Park, a large employment hub of commercial and industrial companies, is also a prime location for residential development. With 40,000 students attending the area’s university and joining these workers in the suburb each day, it shows a surprising lack of accommodation. Attractions for future apartment dwellers in the area include being within walking distance to a major shopping centre, hospital, university and 2 railway stations, all only 13 km from the Sydney CBD.
Recent sales for potential residential development include the purchase of 82 Waterloo Road, a 10,590 sqm site that changed hands for a reported $120 million. Purchaser, Romeciti, is a real estate service provider and developer with a focus on building high-end apartments. It has submitted a development application with council for a mixed use development comprising two 20-storey towers with 357 residential units plus ground floor retail space.
Just next door at 80 Waterloo Road an application has been submitted for a development that includes two buildings ranging in height from 16 to 20 storeys with a total of 409 residential units, 3 shops and parking for 363 cars. The site was purchased last year for $101 million by unlisted property trust, Blue Catty Development.
Perhaps also looking forward to future development opportunities, Goodman Australia Industrial Fund has submitted plans to council for a development of four 23-storey towers comprising 680 residential units and 2 levels of car parking for 684 cars on their commercial/industrial site at 107 Waterloo Road.