Construction is underway on a speculative $90-million boutique office development in Macquarie Park, amid ongoing tenant interest in suburban Sydney workspaces.
Kamirice, a private property group with more than 70 years’ experience, has started work on the 10,000-square-metre Eden Park Drive development, called Array, due to be completed in mid-2022.
Kamirice owns office assets such as 39 Hunter Street and 1 Kent Street in the Sydney CBD, as well as 500 Collins Street in Melbourne, Australia’s first existing building to achieve a five-star Green Star Design rating.
The Melbourne CBD high-rise also recently became Australia’s first existing building to achieve WELL Platinum Certification.
CBRE and Colliers International have been appointed to steer the leasing campaign for the project, which comprises seven floors with a typical floor plate size of about 1,600 square metres.
CBRE office leasing director Mark Martin said Macquarie Park has been one of Sydney’s most resilient office markets, with the area’s vacancy rate remaining largely unmoved this year at 9.7 per cent, according to the Property Council of Australia’s mid-year Office Market Report.
Martin said: “There has been increasing tenant demand in Macquarie Park from flight to quality tenants wanting new or A-grade buildings, which are typically available at less than half the price of the CBD and North Sydney.
“The credentials of Architectus and builder BESIX Watpac will be drawcards for prospective Array tenants, assuring the high quality of design and finishes of the building on completion.
With the focus on health and workers returning to the office, the Architectus-designed building has kept the wellness of building occupants at the forefront throughout the design process.
The building includes technology and design features to improve the health and wellbeing of building occupants and features two expansive outdoor terraces with bushland and precinct views on the upper floors.
Colliers International office leasing director Kellie Hatch said the project is unique among current developments in Macquarie Park, in that it is not part of a multi-building development site.
She said: “Other new office buildings in Macquarie Park will have construction taking place around them for years after completion, which is always disruptive for the occupants.
“Array is a stand-alone development, so tenants will enjoy the benefit of their stable new surroundings from day one.