NSW Property Selling Spree Continues at Macquarie Park

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Thursday, March 27th, 2014
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The NSW government has expanded its divestment of property assets by putting four hectares of commercial land in Macquarie Park up for sale.

Andrew Constance, Minister for Finance and Services, said the NSW government would consider a variety of potential investors for the commercial site located at 45 – 61 Waterloo Road in Macquarie Park, a suburb in Sydney’s North West around 12 kilometres from the city’s CBD.

The site up for sale lies in close proximity to key transportation infrastructure, with the Macquarie Park train station located on the opposite side of Waterloo Road, and the M2 motorway just three blocks down the street.

At present the lot consists primarily of vacant land, with the exception of an abandoned office building and some hardstand.

The sale of four hectares of commercial property at Macquarie Park is expected to net the NSW government over $20 million in proceeds, and is part of broader efforts by the NSW government to offload what it considers to be superfluous property assets.

Constance said that the Waterloo Road site was one of a number of government-owned properties which had been categorised as inessential to the running of the state.

“The NSW Government owns a significant amount of land and we need to be smarter about how we maximise value for taxpayers and only own assets that support the delivery of frontline services,” Constance said.

“This site on Waterloo Road, which is currently managed by Government Property new, has been identified as surplus to government’s requirements and we’re looking for developers who could make better use of the site.”

Over the past year the NSW government has unloaded a significant swathe of its property portfolio to private investors, including $405 million in city and regional office assets to Cromwell Corporation and the sale of the Ausgrid building at 570 George Street for $152 million.

The state government is also currently in the process of selling two heritage sandstone buildings which previously housed the Department of Lands and the Department of Education on Bridge Street in the CBD. The government is eyeing hotel developers for the properties, whose estimated value is in excess of $80 million.

According to Constance the NSW government will continue to identify surplus and under-utilised land over the next year and a half, with the proceeds of sales to be directed towards the provision of essential services to NSW residents.

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