Macquarie Point Development Corporation annual report reveals project timelines, financial updates

Details about the future timeline for the first major development at Macquarie Point are laid out in the newly released annual report.

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A FORMAL competitive bid process will begin this financial year for the 9000sq m of land for mixed-use development at Macquarie Point.

The Escarpment, immediately behind the Cenotaph will be the first parcel of land to be sold at the site, with expressions of interest sought earlier this year.

The Macquarie Point Development Corporation annual report, released this week, said a two stage bidding process would take place before the end of the current financial year.

Image from the Macquarie Point vision 2050 created by Mona.

The report also showed total revenue was down from almost $33m in 2019 to $1.4m in 2020, but this was due to the ownership of the site being transferred to the Development Corporation in May 2019 at a value of $30.9m.

Employee expenses were down overall, from $1.2m to $1m.

The position of MPDC chief executive officer, filled by Mary Massina, attracted a salary package of $291,000 in 2020, up from $269,000 the previous year.

The total remuneration for all executives and directors for the year was $594,000.

The amount of cash held in term deposits decreased from $21m in 2019 down to $12m in 2020.

A MPDC spokeswoman said the $9m was used for capital works and operating costs.