A new residential and mixed-use development has been proposed for Macquarie Exchange (MQX), next to Macquarie Park Metro Station in Sydney’s north. Australand Industrial No. 122 Pty Ltd has applied for Secretary’s Environmental Assessment Requirements (SEARs) for a State Significant Development (SSD) application (SSD-77176968). The proposal includes new housing, ground-floor retail, and significant public space upgrades.
Overview of the Proposal
The proposal aims to transform a 15,620m² site at 396 Lane Cove Road, 36-38 Waterloo Road, and 1 Giffnock Avenue, Macquarie Park. The area, which is currently underutilised, has faced difficulties attracting commercial tenants.
The key features of the proposal include:
- Three residential towers with a mix of Build-to-Rent and Build-to-Sell apartments.
- Ground-floor retail and commercial spaces to activate the area.
- Public space improvements, including:
- An expanded Waterloo Road Metro Station Plaza.
- A new public park for residents and visitors.
- Enhanced pedestrian links across the site.
Site History
The Macquarie Exchange site has gone through several changes over the past two decades.
- In 2006, Winten Property Group and Frasers Property Industrial acquired the site. Their goal was to create a commercial office precinct.
- In 2012, the NSW Government approved a Concept Plan under the old Part 3A planning system. The plan allowed four commercial buildings with heights of 30m to 69.3m and a total gross floor area (GFA) of 83,368m².
- However, demand for office space remained low. The JV delayed detailed applications and extended approval periods.
- By 2018, the developers attempted to amend the plan. Their goal was to include more retail and public spaces to attract tenants. The Sydney North Planning Panel approved the detailed DA in 2019.
- The first commercial building (MQX 4) finished construction in July 2023. Despite four years of marketing, only 36% of the building is leased.
- Due to persistently high vacancy rates, the JV stopped plans to complete the remaining commercial buildings.
- The developers submitted a request to include the site in Macquarie Park’s Stage 1 Rezoning Proposal. This initiative aims to allow residential development in the precinct.
- The SSD application assumes the rezoning will permit mixed-use housing. If this does not happen, the proposal will rely on a clause 4.6 variation to allow residential uses.
The current approval in its future context
The proposal in its future context
Planning Considerations
The site is part of the Macquarie Park Innovation Precinct, a key area in NSW’s Transit-Oriented Development (TOD) Program. The program focuses on high-density housing near public transport hubs.
Currently, the Ryde Local Environmental Plan (LEP) 2014 does not allow residential development in the B3 Commercial Core zone. However, the developers expect a rezoning amendment to change this. If that does not happen, they will apply for a planning variation to justify residential use.
Key Assessment Considerations
The proposal must undergo detailed assessments to address:
- Building height and density – The project must comply with height and floor space ratio (FSR) controls.
- Traffic and transport impact – A traffic study will examine how the development interacts with Sydney Metro and local roads.
- Public space and landscaping – The project will deliver key public domain upgrades, including pedestrian-friendly spaces.
- Economic and social impact – The development will boost local housing supply and increase activity in the precinct.
- Wind and noise impacts – Technical reports will assess pedestrian comfort and apartment livability.
- Stormwater management – A stormwater concept plan will ensure proper drainage and water management.
- Construction impact – A construction management plan will address traffic, noise, and vibration concerns.
Next Steps
The project is currently at the Scoping Report stage. The applicant is requesting SEARs (Secretary’s Environmental Assessment Requirements) from the Department of Planning, Housing, and Infrastructure (DPHI). These requirements will determine the studies needed for the Environmental Impact Statement (EIS).
If approved, construction could begin within six months, bringing a major new residential offering to Macquarie Park.
For more information, search the application number SSD-77176968 on the NSW Department of Planning, Housing, and Infrastructure’s website.
