Business Park

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US bulk discount retailer Costco will open its newest store in Marsden Park in Sydney’s north-west on August 30.
The store is located within the 256 hectare Sydney Business Park precinct, and will be the bulk goods giant’s third Sydney outlet and ninth store nationwide, it said in a media release.
Spanning 13,575 sqm, the store includes a Costco fuel station, tyre centre, food court, optometrist, hearing aid services and fresh food production.
Property Observer had reported earlier that Costco that the retailer had <a href="https://www.urban.com.au/expert-insights/investing/24212-costco" target="_blank">secured a 59,830 square metre</a> site at the business park.
The site is within the large format retail precinct at Sydney Business Park, in Marsden Park. 
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The business park spans 115,000 sqm in floor space, making it one of Australia’s biggest Large Format Retail Centres. 
Other retailers at the business park include ALDI, Baby &amp; Toddler Town, Beacon Lighting, Bunnings Warehouse, Carpet Call, Coles Express, Costco Wholesale, Forty Winks, Home Consortium Marsden Park, Home Hub Marsden Park, IKEA, JB Hi-Fi Home, Knotts Pine, Lindt Factory Outlet, Reece, Repco, Shell, Snooze, and The Good Guys.
Sydney Business Park project manager Owen Walsh said Costco joins a growing business and retail community in Marsden Park.
Sydney Business Park has secured nearly $600 million in investments to date, said the media release. 
“Costco Wholesale Australia is a welcome addition to Sydney Business Park, which is fast becoming a major shopping and warehouse distribution/ logistics destination for the region,” Walsh said.
It has an ongoing partnership with Marist 180 and Beacon Foundation to train and provide job placement opportunities and supporting local schools with businesses in the project.
“Our work with Marist 180 and the Beacon Foundation is starting to make an impact in the local community. The placement of almost 3,000 jobs, on our way to 30,000 jobs is really fast tracking the economic growth for the region,” Walsh added. 
“New retail has created new jobs and that has attracted people to relocate here to be closer to where they work or to find work. The next five years will see even more dramatic transformation with major commercial towers to be built as well as a major town centre. By 2025, the surrounding North West Growth Centre is expected to support 177,000 new residents and 61,900 new homes,” he said.
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Costco Wholesale Australia managing director Patrick Noone added that the Marsden Park store opening indicates the retailer’s growth in the Australian market.
“Since we launched in Australia a decade ago, the Costco brand continues to be a standout success thanks to consumers who love the products we stock as well as our unique business model, which provides outstanding value to our membership base.”
 
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Costco launches store in Sydney Business Park

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A business park penthouse in Sydney’s Macquarie Park has sold for a record $5.6 million.
The apartment atop Romeciti's latest residential project, Natura, was snapped up by a foreign buyer, according to The Australian Financial Review.
The buyer, a downsizer from Dural,  exchanged the contract for the 173 square metre apartment last week before the project's launch on June 24.
At the selling price, the land rate works out to be $32,000 a sqm.
Romeciti’s 357-apartment Natura project in Macquarie Park saw <a href="https://www.urban.com.au/news/72133-romeciti-has-launched-its-357-apartment-natura-project-in-macquarie-park" target="_blank">88 percent of its first stage</a> launch of 210 apartments sold. The total sales valued at $210 million.
Business parks such as Macquarie Park and Norwest have changed from staid suburbs to lifestyle precincts, helped by Sydney's population boom and urban renewal.
But with their popularity, prices have surged, such as another recent sale of  a “business park apartment" — the $3.1 million penthouse at church group Hillsong and Capital Corporation's Esplanade project, 40 kilometres north-west of Sydney CBD.
Romeciti's "grand penthouse" record price is being attributed to its panoramic views and high end finishes.
The three-bedroom three-bathroom apartment will be laid over two levels and has six-metre living room ceiling heights as well as two car spaces.
All six Grand Penthouses have been sold prior to launch, Property Observer noted.
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Business park penthouse in Macquarie Park snapped up for $5.6 million

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Real estate fund manager EG Funds Management has recently sold a business park from the Core Plus Fund No. 1 portfolio in Melbourne’s Mount Waverley for $76.3 million.
The Gateway Business Park is located at 495-501 Blackburn Rd. The property currently has two tenants, Leica Biosystems and Metricon Homes, on long-term leases.
Its net lettable area (NLA) is more than 22,000 sqm and includes several offices, a laboratory, and warehouse and storage facilities.
EG bought the property in 2014 for $63 million. 
After a number of unsolicited approaches, EG said it made a “strategic decision to divest the property to capitalise upon strong cap rate compression and market appetite for quality product offering future upside”. 
The asset was purchased by FIFE Capital, a Sydney-based alternative asset manager.
The deal was brokered by Chris O’Brien, Rory Hilton and Kiran Pillai of CBRE.
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EG sells business park in Melbourne for $76 million

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Builder Pellicano has sold a 21,275 square metre vacant landholding in Melbourne’s Ravenhall to capitalise on the demand from owner-occupiers looking to gain a foothold in growth areas.
The sale price was not disclosed.
The 100 Riding Boundary Road site is located in Orbis Business Park, one of west Melbourne’s industrial/commercial precincts. 
Orbis Business Park is a 70 hectare master-planned business community, with freeway exposure and facilities, including childcare and two cafes. 
Todd Grima and Harry Kalaitzis of CBRE negotiated the sale to a local owner occupier who plans to develop a purpose-built 6,000 sqm office, warehouse and cold storage facility at the site.
“This new facility will take up approximately half of the site, with further plans to develop 12 small industrial office warehouses on the remaining land which will soon be offered to the market for lease,” said Grima.
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Pellicano sells 21,000 sqm industrial site in Melbourne's Ravenhall 

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A new $70 million business park in Melbourne's technological precinct of Notting Hill is being marketed by CBRE for sale and lease.
Uni Central at 19-53 Duerdin Street is a two-stage development comprising office and industrial spaces. Construction of Stage One has just completed and ready for occupation.
The business park comprises single-storey buildings, an on-site café and conference centre. Stage One has 28 office suites ranging from 40 sqm to 164 sqm, with about 65% presold.
Among the early occupants, hardware product merchandiser Strikeforce has pre-leased 800 sqm of office and 500 sqm of warehouse space in Stage One, while medical equipment firm Mediquip has purchased an off the plan turn-key solution.
CBRE's Elise Betts and Bryce Pane have been appointed for leasing the units.
“The park offers quality construction and premium finishes, built by Bryson Group, a proven developer. Uni Central is in the technological precinct of Notting Hill and is built to an integrated masterplan, it also benefits from convenient access via major arterials," said Betts.
The office to warehouse ratio in both stages is 30/70.
“Owner occupiers, such as trades, import/exporters, e-commerce and design companies are likely to show the most interest in the units,” Pane said.
Stage two is under construction and offers 12 office/warehouses in sizes from 263 sqm to 525 sqm.
Six hi-tech units with 60% office and 40% storage also form part of Stage Two, aimed at attracting occupiers with a large workforce who benefit from the close proximity to Monash University, CSIRO and the Synchrotron.
“Occupiers in the medical, computer, research, tech and communications industries are amongst the most likely end users,” Pane added.
Stage Two is expected to be delivered in Q2 2017.
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$70 million business park in Melbourne up for sale or leasing

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Pet Supersavers is the latest business to move to North Point Business Park in Queensland's Kallangur and the tenth deal this year, up from only one in the previous 12-month period.
The 30-hectare Walker Corporation's commercial park is now more than 90% committed, with only one lot at 2.8 hectares of general industry-zoned land remaining for sale.
The retailer agreed to a 10-year lease term with local developer Donnelly Partners, who purchased the land from Walker Corporation earlier this year and developed a purpose built new store for Pet Supersavers.
The 2,620 square metre lot consists of a two unit industrial strata development of which Pet Supersavers occupies 750 square metre including a retail store, warehouse, backyard and car park. 
“North Point Business Park presented us with an opportunity for a bigger and better facility at an affordable cost, all under the one roof," said Leichelle McMahon, director of Pet Supersavers.
"We now have a reptile room that replicates the look and atmosphere of a rainforest, a vet and microchip service, dog rescue and quarantine, doggie day care and cat room, pet training, kids’ parties and holiday club, adult and child educational classes, a backyard for the dogs and more, with ample customer parking.” 
North Point has experienced its busiest year to date, introducing a further eight new businesses in addition to Pet Supersavers and Elite Soil Testing. 
The spike in demand at the business park has been helped by government-funded infrastructure upgrades to the area, in particular, the soon to open Moreton Bay Rail Link which adjoins the business Park. 
In addition to the rail link, upgrades to the local road infrastructure have greatly improved connectivity to the Bruce Highway only 3 km away. Located 25 km from Brisbane CBD, North Point is Walker Corporation’s latest industrial development and represents a $75 million investment by the company in south-east Queensland. 
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