Macquarie Park’s latest A-Grade development Glasshouse has reached practical completion. Glasshouse is the first of five buildings in the 3.2-hectare Macquarie Square precinct, North West Sydney’s newest commercial hub.
The building was pre-sold to two funds managed by Charter Hall, the Charter Hall Direct PFA Fund and the Charter Hall Long WALE REIT (ASX: CLW), for $333 million in November, highlighting Charter Hall Group’s ability to source attractive investment opportunities for their funds.
Consisting of 34,270 sqm of commercial net lettable area and 840sqm of retail area, the building is a transformative project for Macquarie Park, and sets a new benchmark for CBD-quality design in Sydney’s North West.
Executive General Manager Development & Investments Tom Roche said Glasshouse’s completion was a testament to the integrated development and building teams responsible for the acquisition, construction, leasing, and sales processes.
“This modern workplace has the hallmarks of a prime commercial development, and as developers and builders we could not be more proud to have it ready for business for our client and anchor tenants the NSW Government,” Mr Roche said.
“The integrated team from our building and development businesses worked seamlessly to ensure this new office precinct exceeded expectations.
“Macquarie Park is a market that continues to grow, and this CBD-quality development will set a new standard for the region. Glasshouse is just the beginning with development application for future stages to be lodged with Council in the month ahead.”
Charter Hall Office CEO Adrian Taylor said, “we are proud to continue our partnership with NSW Government, and their 12-year commitment to Glasshouse as a long-term tenant customer is a strong endorsement of the quality of this leading office development.”
“The acquisition of Glasshouse is consistent with our strategy of acquiring high quality assets for our funds that have a long WALE and leased to strong government and corporate covenants in key office markets.”
When complete, the wider Macquarie Square community will include a 7,000sqm public park at its heart and a lifestyle precinct with retail, dining and a fitness centre.
Macquarie Square is a two-minute walk to the John Holland-built Macquarie Park Station. This station is set to become even more accessible to the CBD and southwestern Sydney once the Sydney Metro City and Southwest opens in 2024.