In another landmark transaction, John Holland has sold the Glasshouse building, part of its Macquarie Square development.
The Glasshouse, a 38,500sqm A-grade commercial development, was pre-sold to leading property investment company Charter Hall for approximately $332 million.
The sale price and 5 per cent cap rate represent a record for John Holland and is one of the largest ever sales in Macquarie Park.
CEO Joe Barr said this sale and plans for the remaining development at Macquarie Square showcase John Holland’s strong property credentials.
“Macquarie Park is Sydney’s emerging new CBD. With the Glasshouse, it will get its first CBD-quality office building, with a 7,000sqm public park at its heart,” Mr Barr said.
“We are excited to play such a pivotal role transforming the area with the Macquarie Square development, creating a new office precinct worthy of Sydney’s second-largest business district.”
Executive General Manager Development & Investments Tom Roche said the company’s strong track record as an integrated developer and builder will set a new standard for the region.
“This is an incredible result, adding to our strong pipeline of commercial and mixed-use developments. With more than 80 per cent of the Glasshouse leased already, this is clearly a market that will continue to grow,” Mr Roche said.
The Glasshouse is part of John Holland’s Macquarie Square development, a 117,017sqm site made up of five buildings and a 7,000sqm public park.
John Holland will complete the A-grade building in early 2020, with Transport for NSW as its anchor tenant. John Holland will remain part of the Macquarie Square community through its ongoing development and precinct management roles.
Macquarie Square is a two-minute walk to the John Holland-built Sydney Metro Macquarie Park station. This station is set to become even more accessible to the CBD once the John Holland-operated Sydney Metro City and Southwest opens in 2024.