Macquarie Park Village secures same-day 378 apartment sales on initial North Ryde offering
CBRE estate agents sold 378 apartments off the plan on the weekend to keen buyers in North Ryde.
It was at the Macquarie Park Village where prices ranged between $480,000 and $980,000 in the first stage of Stamford Land Corporation's Macquarie Park Village at 110 Herring Road.
The Singapore-listed Stamford Land Corporation last month opened the display room to inspectees of its $420 million residential development.
On the first weekend they had 400 groups inspecting the AJ+C-designed apartments.
CBRE agent Ben Stewart said pending buyers had then paid $5000 to register for today's sale of units. The sales grossed around $260 million.
It's part of a redevelopment of the site of the Stamford Grand North Ryde Hotel into apartment towers. The 378 sales has been suggested as being the highest number of same day sales on record in Sydney, exceding Mirvac's 37-level Chatswood tower ERA, which secured 295 same day sale in 2011, also with a high proportion of Chinese-Australian community buyers.
Stamford Property Services secured permission to redevelop its hotel site at Macquarie Park after winning state government approval in October 2012.
The Stamford Grand North Ryde will be demolished and replaced with apartment towers of four?to 20 storeys, in a mixed-use project known as Macquarie Park Village.
The project will have 576 apartments, 746 car spaces, with some commercial and public spaces. On completion, Macquarie Park Village will comprise seven residential apartment buildings, named after Australia’s state or territory capitals. Stage one buildings are The Adelaide, The Brisbane, The Darwin and The Perth followed by The Hobart, The Melbourne and The Sydney in stage two.
Stamford's Anthony Rice has described the apartment product as “middle market” noting a latent demand from the 25,000 to 30,000 people working within the Macquarie Park area and those working and studying at the nearby university.
The NSW government’s Planning Assessment Commission said the site was appropriate for higher density housing because of its location and the area’s changing nature shifting from a light industrial and business park area to a high-tech specialised urban centre, supported by the recently-built Epping to Chatswood rail line.
But recently retailer Gerry Harvey failed to secure redevelopment permission for converting the Domayne/Harvey Norman store site into an apartment and office development.
Harvey Norman sought 229 apartments for its 1.97 hectare site in Macquarie Park plus a 12-storey office tower above the existing Domayne building.
The group hoped to also construct a new hotel, which was likely to be a Stamford, although other operators were also in the frame.
Gerry Harvey described the site, on which he built the existing store in 2003, as a “gold mine”, perfect for the launch of the group’s apartment and hotel ambitions.
But Ryde Council engaged property consultants SJB Planning to review the proposal. SJP Planning recommended the development not proceed citing Harvey Norman’s proposal for residential apartments as not aligning with the council’s goal for the precinct as an economic hub with employment opportunities.
The report prepared by SJP stated Harvey Norman's analysis of the impact of merging residential and commercial developments was not persuasive enough to justify changing the council's original plans.
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The CBRE marketing campaign had the slogan: Live on the Bright side.
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