[+] Macquarie Park Growth Story Lures Density Developers

For a young suburb with an “underlying DNA for mixed-use” there’s plenty of opportunity in Macquarie Park’s growth story. And developers are testing their mettle in the evolving region, which is a major employment and innovation precinct focused around a university. But the recent Transport Oriented Development designation could change the complexion of development in the area indelibly. It’s currently home to a large university campus, major shopping centre and rail stations that anchor the 25-year-old suburb 13km north-west of Sydney CBD. Urbis planner David Hoy is a Macquarie Park resident and says there is one key thing that will supercharge the drive towards live-work-play precinct opportunities into the future. “I’ve lived in the area for many years and have watched Macquarie Park transform for probably the last 25 years,” Hoy says. “Transport infrastructure and connectivity continued to improve over the past 20 years and now, with the opening and extension of the Metro, I expect to see an even greater emphasis on lifestyle, work, retail and leisure opportunities.” ▲ Legacy and Billbergia filed plans for 21 and 19-storey towers designed by AJC Architects to replace four four-storey blocks of flats at Cottonwood Street. Data from CBRE and PropTrack shows that suburbs along the Metro line have had a 49 per cent increase in capital value during the past decade, outperforming their peer group by an average of 5 per cent. CBRE’s Pacific head of research, Sameer Chopra, says the “Metro-fication effect” will create uplift in values of properties. “We’ve already seen early evidence of this driving higher residential price growth and we see this outperformance increasing once the next stage is completed, with shorter commute times being a key driver,” he says. This includes the travel time from Macquarie Park to Barangaroo dropping from 53 minutes to 18 minutes and from Pitt Street to Bankstown going from 80 minutes to 30 minutes. Hoy says Macquarie Park has captured the collective attention of developers because it is highly accessible and local and state governments have identified its capacity for densification. “The establishment of Macquarie University was framed around Stanford [University] in California,” Hoy says. “Around a university-based, high-amenity, business-park synergy and there’s plenty of that sort of underlying DNA for mixed-use [at Macquarie Park].” TOD precinct lures density developers And while the NSW Government is pushing forward with its TOD precinct the councils are pushing back due to funding, infrastructure and zoning qualms. Despite this bunfight, development applications continue to flood in for the hotspot, most recently Legacy Property and Billbergia’s 255 apartment plans for Cottonwood Crescent . In less than 10 years, 2325 apartments have been approved in the parcel surrounding this project, opposite the Macquarie Centre between the Holiday Inn Express and Herring Road. This does not include the 4000 homes approved in 2020 for the former Ivanhoe Estate, known now as Midtown MacPark. When looking at aerial images, the density in Macquarie Park is, as it always has been, far higher than its neighbours. In July, the NSW Government announced its plans to add 4622 additional homes close to the three Metro stations in the region; Macquarie University, Macquarie Park and North Ryde. Feedback on Stage Two of the Macquarie Park TOD rezoning proposal closed on Friday, August 23. ▲ A Nearmap image of Macquarie Park from May 2023 showing the high-density buildings next to lower-density homes across Epping Road. In the proposal is a 10-15 per cent mandatory contribution for affordable housing in new developments and flexibility to use E2 Commercial Centre zoned land for 5096 build-to-rent homes. Stage One of the plan was created in 2022-2023 for 3060 new homes in the innovation precinct. A plan that is still causing debate. Getting the live-work-play balance right The concerns are surrounding the zoning and development mix with City of Ryde council wanting to protect jobs in the region. Following the Stage One plans Goodman Group moved quickly to switch gears on its 2017 planned business park that would “result in a significant financial loss” due to low demand. Plans for 1236 build-to-rent apartments, a medical centre, childcare and supermarket were lodged in October 2023 marking Goodman’s 10th Macquarie Park project at the time. ▲ Goodman Group wants to move ahead on two large-scale build-to-rent projects at Macquarie Park designed by DKO Architects. City of Ryde chief executive Wayne Rylands says they need to keep work part of their live, work, play philosophy, particularly within the Macquarie Park Innovation District. “It is a thriving innovation precinct and economic powerhouse for both the City of Ryde and NSW,” Rylands says. “This council, which continues to exceed its housing targets, would like to see any extra housing in the precinct balanced by the protection of vital employment lands and the provision of essential accompanying infrastructure. “There is a need to strike the right balance between housing and employment in a manner that doesn’t sacrifice an innovation ecosystem that has taken over 60 years to establish. “There has also been no time for council to undertake proper consultation with the community given the short public exhibition period provided, on something that could reshape the Macquarie Park Innovation District for generations to come.” ▲ AJC Architects created the urban report for Macquarie Park, which doubles the existing tree canopy of the area. City of Ryde councillors are not the only local government area raising issues with the state-led TOD-accelerated precincts, every council is submitting their views this week. A desire for “more collaboration” on the TOD precinct is sought by Canterbury-Bankstown Council while “funding for major infrastructure” is a sticking point for The Hills Shire Council and Hornsby Shire Council. Regardless of the outcome of the TOD precinct and election, for representatives of Macquarie Park, developers, residents and businesses alike, hopefully the only way is up. Exactly what type of development that will be, only time will tell. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. Click here to learn more.

[+] Macquarie Park Growth Story Lures Density Developers

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