Macquarie Park: Plans for 594 unit ‘build-to-rent’ development in new approach to boost housing supply

A high-rise development built exclusively for renters would provide more almost 600 new homes as part of a new approach aimed at tackling Sydney’s rental property shortages.

A total of 594 apartments would be built at the site.

A high-rise development built exclusively for renters would provide more almost 600 new homes as part of a new approach aimed at tackling Sydney’s rental property shortages.

Early plans have been revealed for a new ‘build-to-rent’ development in the rapidly growing suburb of Macquarie Park in Sydney’s north.

The build-to-rent model is aimed at those who may never be able to afford – or want – to get on the property ladder.

They are typically designed and constructed by a developer who retains ownership of the building when it’s completed.

The apartments are then rented out to tenants by the developer which also maintains and manages the complex.

A concept image of the development.

Unlike most run-of-the-mill rentals, the projects can offer benefits to renters including long-term security over their lease

Renters can also make changes to units such as painting bedrooms, knocking nails in walls to hang pictures and in some cases keeping pets without pre-approval.

An overview of the development.

The Macquarie Park development would involve demolishing the Waterloo Business Park, currently located at the site on 35 Waterloo Rd.

The $275.1m proposal released by site owner Goodman Australia shows six new multistorey buildings, standing up to 19 storeys tall, would be built on the site. There would be a total of 594 residential units.

Other features of the development include shops, community facilities, recreation area, and basement carparking.

There would also be a new road linking the development to Lane Cove and Dirrabari Rds and a public pathway running through in the middle of the site.

A photo of the current site,

Plans state the development could have economic benefits to the local area by providing new housing near employment and public transport hubs.

“The proposed development has the potential to contribute to employment within the local and regional area, helping to support employment targets for the eastern harbour city and Macquarie Park,” the plans stated.

Build-to-rent projects are encouraged by the state government following changes to planning and tax regimes that treat build-to-rent as state significant developments.

The University of NSW City Futures Centre has previously warned the build-to-rent model may not be a quick-fix to address affordability issues in Sydney’s rental market.

“These types of development are marketed on ‘quality of product’ not economy of rent,” UNSW professor Hal Pawson said.

“However, if the sector was to expand in a big way, it would put some downward pressure on rents across the whole market, which could have a positive impact in terms of wider housing affordability – by dampening rents more broadly.”

Goodman Australia declined to comment on the proposal.