Cityscope’s most recent Macquarie Park edition notes how sales in the area have increased dramatically. Sales recorded in the quarter ending November 2019 totalled $491.2 million, a large increase from the $152.5 million recorded in the three months to August 2019. For the twelve months to date Macquarie Park Cityscope records a total sales value of $1.084 billion, a large increase compared a total value of $334.8 million for the previous year.
Its largest recent sale is of the just completed Glasshouse building at 45-61 Waterloo Road, Macquarie Park. The vendors, John Holland Macquarie Park Land Custodian Pty Ltd, (ultimately owned by Hong Kong-listed China Communications Construction Company Ltd) purchased the property and its neighbour in 2017. The developers paid $170 million for the combined 39,000 sqm site and the development will eventually house 117,000 sqm of office space across five buildings, a 7,000 sqm public park and retail, premium dining, bars, event spaces and a gym.
The Glasshouse, which sits on the northeast corner of the site, is an 11-storey commercial building containing up to 37,680 sqm of campus style office accommodation and 474 sqm of retail space, plus two levels of basement car parking for 359 vehicles; it was built at an estimated cost of $135 million.
Showing supreme confidence in the Macquarie Park business area, Charter Hall has purchased the whole building through two of its vehicles. Charter Hall Long WALE REIT, an Australian real estate investment trust which listed on the Australian Securities Exchange in November 2016, paid $165.7 million for a half share and unlisted property fund, Charter Hall Direct PFA Fund (PFA) purchased the other half for $165.6 million.