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News release

Sydney

Macquarie Park is set to be one of Sydney’s next big CBDs

Businesses are flocking to Macquarie Park, taking advantage of increased urbanisation of the area and facilities including Macquarie University, the Macquarie Centre and the integration of the existing railway into the new North West Rail Link


​SYDNEY, 22 OCTOBER 2014 – Macquarie Park is set to be Sydney’s next big central business district, with a growing trend for businesses to set up head offices in the area by consolidating multiple existing commercial spaces into one.

According to JLL agents, businesses are taking advantage of the increasing high-density urban development occurring in the area. The development is spurring improved infrastructure and amenity, including the recently upgraded Macquarie Centre and the integration of the existing Chatswood to Epping rail line into the new North West Rail Link. In addition, the close proximity to Macquarie University and Macquarie Hospital is a key draw card for the area.

JLL’s Head of North Sydney, Denys Bizinger, said, “Over the past 20 years that I have been working in commercial real estate in Sydney’s North, I’ve found the three major drivers of businesses moving to Macquarie Park to be future consolidation of their head offices; getting better-quality space in a centralised location; excellent transport infrastructure; and collaboration with local businesses and resources.

“For example, there are several healthcare-focused businesses in Macquarie Park collaborating with Macquarie University’s Research and Development team and Macquarie Hospital. Having a head office in the area is beneficial given this proximity.”

According to Mr Bizinger, there is an increasing amount of high-density urban development in the Macquarie Park area. “The swelling urban development is paving the way for further residential growth, driving commercial and retail expansion in the area.

“We anticipate that Macquarie Park will become one of Sydney’s biggest CBDs with its three existing railway stations being integrated into the North West Rail Link, proximity to Macquarie University, and the $440 million redevelopment of the Macquarie Centre which reopened this month as the largest shopping centre in Sydney.”

JLL’s Director of Business Parks, Ben Byford said, “There are key examples of businesses consolidating from several geographical locations into a single corporate office within Macquarie Park. A recent example of this is the multinational imaging and electronics company Ricoh, who recently leased over 6,000 square metres at 2 Richardson Place, North Ryde. JLL negotiated the deal. The relocation into North Ryde involved moving three offices from North Sydney, Frenchs Forest and Sydney CBD into the one location.”

Mr Bizinger said, “Global healthcare company Abbott also moved three divisions which were spread across Botany, Pymble, and Lane Cove into one 4,200sqm freestanding facility at 299 Lane Cove Rd, Macquarie Park. JLL also negotiated this deal.

“Dozens of businesses have done the same in consolidating several offices to one larger Macquarie Park space, and we anticipate this trend will continue in the future with Macquarie Park rents and incentives being cost effective in comparison to surrounding precincts such as Chatswood, St Leonards and Frenchs Forest,” said Mr Bizinger.

The North West Rail Link is Australia’s largest public transport infrastructure project currently under construction, with an estimated cost of $8.3 billion. It is set to be the first fully-automated rapid transit rail system in Australia. The project will deliver eight new railway stations and 4,000 commuter car parking spaces to Sydney’s growing North West.