Frasers Property Industrial and Winten Property Group have announced the sale of the building and land known as MQX4 to Singapore-based Ascendas Reit for an initial investment price of $167.2 million. 

Conducted under a Development Management Agreement, the purchase is the first deal at the $750 million Macquarie Exchange employment hub, the construction of which is about to commence.

MQX4 is one of four new buildings that will form the mixed-use destination at the Metro station entrance.

At a glance: 

• Singapore-based Ascendas REIT has purchased land and a building with a three-year rent guarantee at the Macquarie Exchange development for $167.2 million.
• Frasers Property Industrial and Winten Property Group about to start preliminary works on the $750 million employment hub.
• The completion of the land sale to Ascendas Reit is expected to occur in late 2020 and the building is scheduled for completion in mid-2022.

To be developed on a 3,308 sqm freehold site, the nine-storey MQX4 will comprise 17,753 square metres of lettable office space over eight levels, 1,631 square metres of ground-floor retail space and 204 car spaces.

It will also include rooftop office and terrace spaces, outdoor terraces fronting the streets and interconnecting floors via winter gardens overlooking the precinct’s central park.  

Frasers Property Industrial Chief Executive Officer Reini Otter said the sale of MQX4 demonstrated the high-quality design, sustainability features and important role Macquarie Exchange will play in the future of the Macquarie Park employment precinct. 

“Macquarie Exchange will reinvigorate Macquarie Park, enabling the precinct to fulfil its potential as a critical employment and innovation hub for the future that takes advantage of new and existing infrastructure," he said.

"The sale of MQX4 to Ascendas Reit is in line with our capital management programme and shows the strength of market demand for what’s being created.



"Macquarie Exchange will facilitate collaboration in  an activated entertainment precinct, seamlessly connecting modern work environments with laneway retail  experiences, the station plaza and the open green space of the central park.” 

 

Winten Property Group Development Director Stuart Vaughan said Macquarie Exchange was "ideally timed" to meet the changing needs of a more mobile and potentially decentralised workforce. 

“Infrastructure upgrades are improving connectivity to Macquarie Park and the area’s gentrification is enhancing the amenity in the area," he said.

“More than just modern, sustainable workspaces, Macquarie Exchange delivers significant community benefits and public assets including a new publicly accessible park with over 2,200 sqm of green space,  gym, childcare centre and Metro station amenity, as well as new retail and dining options to meet the needs of new workers and more visitors."

The completion of the land sale to Ascendas Reit is expected to occur in late 2020 and the building is scheduled for completion in mid-2022.

The joint venture between Frasers Property Industrial and Winten  Property Group will provide a three-year rental guarantee from completion of the office building in the event of vacancy, with the provision for a capital adjustment dependent on securing leasing outcomes. 



The leasing campaign for Macquarie Exchange is being coordinated by Jason Wright and Chris Bailey from  GJS Property and Denys Bizinger and Francesco Princi from JLL. 

Click here for more information about Macquarie Exchange.

Similar to this: 

Sydney's Glasshouse sold to Charter Hall for $331 million

Perth, Adelaide and Brisbane office markets demonstrating resilience amidst pandemic - Savills

Sydney’s ‘back of office’ markets maintain momentum as organisations look to tighten up in today’s climate - JLL