Frasers Property in JV to launch Australia's first Community Business District
SINGAPORE (Apr 17): Frasers Property Australia announced that it, along with Winten Property Group, have launched Australia’s first Community Business District – the A$750 million ($727.6 million) Macquarie Exchange.
A 15,620 sqm site will be converted into four A-Grade office buildings (MQX 1: 16 storeys, MQX 2, 3 and 4: 8 storeys) that spans 83,368 sqm in gross lettable area (GLA). It comprises 74,093 sqm of commercial (net lettable area), 5,693 sqm of retail including a proposed childcare centre and gym and a central park with over 2,200 sqm of green space.
When completed, the Macquarie Exchange is expected to see 7,000 employees work in the urban hub.
The hub is expected to have a WELL Silver and Core rating, a 5-Star Green Star rating from the Green Building Council of Australia and a minimum 5 Star NABERS rating.
Development approval is expected in Aug 2019.
Reini Otter, executive general manager commercial & industrial for Frasers Property Australia, says, “Macquarie Exchange will activate the Metro precinct, setting a new precedent for work environments outside the CBD. With its scale, location and diversity, Macquarie Exchange has the ability to create a bustling mixed-use community, offering a network of spaces with a variety of experiences and activity for local businesses and the community.”
Stuart Vaughan, development director at Winten Property Group, says, “The Macquarie Exchange site will provide significant public benefits through the provision of a new publicly accessible park, civic plaza and Metro station, multiple through site links and an activated retail precinct supported by A-Grade office spaces.”
Shares in Frasers Property closed at $1.91 on Tuesday.
