The reported national downturn in housing prices hasn’t slowed down Chinese-backed developer Visionary, having recently submitted plans for a $1.1 billion, four-tower residential, hotel and office complex in Macquarie Park.
The precinct is slowly being transformed into a high-density urban centre. Some major projects planned are the expansion of Macquarie University, the construction of the M2 motorway and increased government investment in rail infrastructure; three new rail stations will be added as part of the Epping to Chatswood rail corridor.
The site which will play home to Visionary’s vision encompasses 86 and 88 Waterloo Road, and 8 Cottonwood Crescent. Faith in the urban renewal plans for Macquarie Park has been stated as a major reason for Visionary pursuing such a grand project.
“The Ryde area, and the North District (defined by the Greater Sydney Commission), show an undersupply of homes and a predicted additional 1000 homes needed each year to meet population growth projections. The project has a five year-plus horizon,” Visionary said.
If approved, the project will see the creation of more than 600 homes catering to around 1,300 residents. An upmarket ‘Silkari’ hotel is also planned, along with commercial office spaces and retail facilities.
86 Waterloo Road will elevate a 20-level tower comprising of 153 residential units aimed at investors and university students, with a strong focus on convivial communal spaces. The proposal submitted to the Ryde Council lists 51 one-bedroom apartments, 44 one-bedroom apartments with studios incorporated within, and 58 two-bedrooms.
88 Waterloo Road will provide a premium housing product tower with about one-quarter of the project devoted to communal open space. Car parking for 231 vehicles is also proposed over three basement levels.
8 Cottonwood Crescent will be surrounded by greenery and water features, presenting a 14-story residential apartment building, designed by architects Scott Carver. 143 residential units, inclusive of 24 two-bedroom townhouses and four three-bedroom townhouses make up the proposal.
Macquarie Park’s local resident population is forecast to achieve an average growth rate of 3.3% to reach 41,800 by 2036.