Months ahead of construction commencing, a 192-apartment development has completely sold out.
The One Twenty Macquarie development, set to tower 75-metres over the state’s second-largest business district sold 80 per cent of its apartments within four hours at the sales launch earlier this year on March 5 – before the final stage sold-out last week.
TOGA announced the final three-bedroom apartment in the 23-storey Turner-designed tower was snapped up last week.
The development’s early success is the result of a number of market forces, including the investment strengths of the area and the ongoing appeal of Macquarie Park, TOGA development and construction chief executive officer Fabrizio Perilli said.
“To sell-out all 192 apartments ahead of construction commencing is a fantastic milestone,” he said.
“The Macquarie Park business district is now larger than North Sydney and the result at One Twenty Macquarie strongly reflects the appeal of an area on track for further growth.
“Macquarie Park offers the fundamentals apartment buyers are looking for: local employment, education, shopping and childcare hubs all connected by efficient transport nodes.”
Including One Twenty Macquarie, TOGA has now sold more than 1,000 apartments within the City of Ryde region including the sold-out 618-apartment development Macquarie Central, the 205-apartment Central Square at West Ryde and 161 apartments at Macquarie Green in North Ryde.
TOGA cited the Property Council’s NSW Office Market Report from January 2014 to contend Macquarie Park is the second-largest business district in NSW, which boasts the state’s largest suburban shopping centre and is projected to become Australia’s fourth largest CBD by 2030.
In addition, the group pointed to ABS Census data from 2011, which contends by 2030 Macquarie Park will attract 45,000 new jobs and 25,000 new students.
Construction at One Twenty Macquarie will commence in late 2016 with expected completion in early 2019. Prices started from $615,000.
Once completed, the development will feature a gymnasium, a theatrette, landscaped gardens, parking and a ground-level retail café.
Apartments will boast generous balconies with sweeping views of the Sydney CBD, North Sydney, Chatswood and Homebush, as well as some views out over Lane Cove National Park.
The development will be located at 120 Herring Road, 450 metres from Macquarie University, Macquarie Shopping Centre and the train station – and 16 kilometres from the CBD.