Macquarie Park’s latest A-Grade development, Glasshouse, has reached practical completion. In November, Charter Hall snapped up the building for $333 million.
Glasshouse is the first of five buildings in John Holland’s $1 billion, 3.2-hectare Macquarie Square precinct in the heart of Sydney’s Macquarie Park.
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 for $333 million in November.
Consisting of 34,270 sqm of commercial net lettable area and 840sqm of retail area, the building is a transformative project for Macquarie Park.
Transport for NSW has made a 12-year commitment to Glasshouse as the anchor tenant.
Tom Roche, John Holland’s general manager for development and investments, says Glasshouse “has the hallmarks of a prime commercial development”.
“Macquarie Park is a market that continues to grow, and this CBD-quality development will set a new standard for the region,” Roche says.
“Glasshouse is just the beginning with development application for future stages to be lodged with council in the month ahead.”
According to Adrian Taylor, CEO of Charter Hall Office, the NSW Government’s long-term commitment “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,” Taylor adds.
When complete, the Macquarie Square community will include a 7,000 sqm public park at its heart and a lifestyle precinct with retail, dining and a fitness centre. Macquarie Square is a two-minute walk to Macquarie Park Station.