Frasers Property Industrial and Winten Property Group today announced the start of construction of their AU$750 million Macquarie Exchange (MQX) project in Macquarie Park, Sydney.
The major commercial project will be Australia’s first community business district and forms a key part of the AU$15 billion urban renewal currently underway in Macquarie Park to transform the area into Sydney’s second-largest Central Business District (CBD) and create thousands of job opportunities.
In total, the project will create over 2,000 construction jobs for New South Wales. Roberts Co has been announced as the appointed construction contractor for Stage 1.
Located adjacent to Macquarie Park Metro Station, approximately 18km from Sydney’s centre, MQX will be a new mixed-use destination centred around four innovative commercial buildings. The 15,620 square metre site will transform into 83,368 square metres of vibrant, tech-enabled office space and amenity for over 7,000 workers, setting a new precedent for work environments outside of the Sydney CBD.
Activated retail amenity, including food and beverage, will line the precinct laneways and metro station plaza at MQX. Each commercial building features rooftop office and terrace spaces with sweeping views and an open green park is at the centre of the precinct. The new metro station will provide workers and visitors at MQX with easy connection to the Sydney CBD and surrounding suburbs.
MQX will also have an embedded network that provides 100 per cent renewable energy to buildings in the precinct and will target a 6 Star Green Star Design & As Built rating, a 5.5 Star NABERS Energy rating, a WELL Silver and Core rating and a WiredScore Gold Certification.
Stuart Vaughan, Development Director for Winten Property Group comments, “Macquarie Exchange will be a vital addition to the region, creating thousands of jobs and providing state-of-the-art workplace outside the Sydney CBD that is designed to drive innovation. “Construction commencing at Macquarie Exchange demonstrates our confidence in the Macquarie Park market, which is solidified by its stable demand profile, as well as its superior public transport connectivity,” said Mr Vaughan.
Macquarie Park is fast gaining a reputation as a nationally significant innovation and research area and is home to Macquarie University, Macquarie University Hospital, and Macquarie Centre. According to JLL’s Office Investment Review & Outlook 2021 Australia & New Zealand, Macquarie Park was also one of only four office markets in the region to record positive demand in 2020.
Ian Barter, General Manager, Northern Region for Frasers Property Industrial comments, “The precinct will be a dynamic, amenity rich destination for both workers and the local community, with fantastic transport connections especially given the proximity of the new Macquarie Park Metro Station. “Along with our partners, Frasers Property Industrial is excited to deliver this key infrastructure for Macquarie Park and play an active role in its urban renewal,” said Mr Barter.
In September 2020, Frasers Property Industrial and Winten Property Group sold one of four new commercial buildings, MQX4, under a Development Management Agreement for an initial investment price of A$167.2 million. This phase of the project, Stage 1, comprises 17,800 square metres of Net Lettable Area and 1,580 square metres of retail amenity.
Alison Mirams, CEO, Roberts Co comments, “We are thrilled to have been appointed as construction contractor for the MQX4. Collaborating and maintaining strong relationships with our partners is key to our success at Roberts Co, and we are looking forward to this journey with Winten Property Group and Frasers Property Industrial.”
Stage 1 of MQX is scheduled for practical completion in Q3 2022.