Macquarie University has appointed Colliers International as managing agent for its tenanted property portfolio, consolidating the management of seven office buildings and a local retail shopping centre.
The portfolio is tenanted by a mix of university faculty staff and commercial occupiers, including Cochlear, Dell EMC, Siemens and Abbott Pharmaceutical.
“This is an exciting time to be involved with Macquarie University and given its location in the heart of the Macquarie Park Precinct the potential is enormous”, Colliers International Real Estate Director Mark D’Arcy Bean said.
“The University has a strong focus on the future and a clear vision for upgrading their academic buildings and commissioning of new buildings for commercial use.”
Colliers International North Sydney Director Dan Walker said Macquarie Park will set the benchmark for Australian mixed use precincts.
The precinct will provide a diverse hub of commercial office workers, retailers, university students and residents.
“The precinct will bring enormous value and amenity, which will be activated by the completion of the metro in 2020” Mr Walker said.
Mr Walker said he did not expect to see significant vacancy rates, but rather a shift from an already tight metro market as tenants look to secure larger floor plates.
“Despite Chatswood being seen as a direct competitor for office tenants, the floor plates offered are restricted by size and Macquarie Park is able to accommodate tenants looking for larger, more efficient floor plates”.