Stockland's $500 million transformation of Sydney's Macquarie Park is a step closer after the company received development approval for the first stage of the M_Park commercial precinct.

Part of the company's $2.5 billion Workplace and Logistics development pipeline, the commercial precinct will be constructed across a three-hectare site integrating state-of-the-art office, co-working, retail and conference facilities.

The first stage of development is expected to commence mid to late 2020 and will include 18,000 square metres of office and 296 secure basement car spaces. 

At a glance: 

• Stockland has received development approval for the first stage of its $500 million M_Park commercial precinct.
• The first stage of development is expected to commence mid to late 2020 and will include 18,000 square metres of office and 296 secure basement car spaces. 
• The development is part of the company's $2.5 billion Workplace and Logistics development pipeline.

Stockland Group Executive and CEO of Commercial Property, Louise Mason, said the Macquarie Park business precinct was already a "powerhouse of employment and economic growth".

“Setting a new precedent for quality workplace development in Sydney, on completion M_Park will form part of a 55,000 square metre master-planned commercial precinct," she said.

"The site will incorporate communal green space, as well as amenities such as cafes, childcare and services.” 

The M_Park masterplan has been designed to enhance low carbon mobility by creating a walkable environment with on-site conveniences, co-working spaces, indoor and outdoor breakout areas and easy access to sustainable transport, including public transport, EV charges and car share facilities. 

Tony D’Addona, Stockland General Manager of Logistics and Business Parks, said M_Park would create an imaginative workplace in a well-connected and accessible location attractive to start-ups & innovators, entrepreneurs, as well as established businesses in an environment conducive for collaboration.

“Located in the heart of the Macquarie Park commercial precinct, the site is well connected by road and rail with the new metro, Macquarie University Railway Station and high-frequency bus services within walking distance, as well as direct connections to the M2 Motorway via Talavera Road," he said.

Stockland owns over 156,000 square metres of assets within the Macquarie Park and North Ryde area with a book value of $691 million.

The group’s Workplace and Logistics business is currently valued at approximately $3.3 billion, making up 23 per cent of the company portfolio. 

Earlier this month, Stockland announced the renewal of its office lease with major tenant Optus at Macquarie Park for another 12 years, with the option to extend for up to 10 years. 

Click here for more information about M_Park.

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