St Hilliers Property has bought a commercial development site at the Macquarie Park precinct in North Ryde from Allianz Australia Insurance for $23.25 million.
The development site located at 84-92 Talavera Road, has development approval for the construction of a complex of three buildings with NLA of 24,755 sqm of commercial office space and parking for 356 cars.
The development when completed will have a value of circa $120 million.
St Hilliers’ property chief executive Tim Casey said improved accessibility to the Macquarie Park business precinct following the completion of the Epping to Chatswood railway line and the Lane Cove Tunnel will strengthen the demand for new A-Grade accommodation in this area and the DA approval in place will allow certainty around timing of commitment of construction.
“The area has seen major changes from market gardens in the 1950s, to large scale industrial buildings and more recently to leading edge business park buildings. It is now the favoured location for the headquarters of major multinational companies such as Sony, Ericsson, Microsoft, Siemens, Sanyo, Proctor + Gamble, Sanofi-Aventis, Johnson + Johnson and Optus,” he added.
St Hilliers will seek pre-commitment for all or part of the development prior to construction.
The Talavera Road property is the first acquisition to be made by St Hilliers newly formed property venture with Macquarie Bank.
The Talavera Road property deal was negotiated through Malcom Tyson and Mark Martin, of Colliers International, and settlement is scheduled for February 2007.
The site has an existing commercial office / warehouse building, which will be demolished to pave way for the new development.
By Kathryn O’Meara
