Macquarie Park train station closure a windfall for office landlords

The temporary closure of three train stations at the booming residential precinct business park, Sydney’s Macquarie Park, for metro train development will provide office landlords with parking rental windfalls, Colliers International says.

Macquarie Park, Macquarie University and North Ryde stations will all close from mid-2018 for seven to 18 months, as part of the Metro station upgrades. This will shut down the Epping to Chatswood line and force many employees to drive to work.

Office landlords at 11, 40, 81 and 88 Talavera Road in Macquarie Park have begun working with RBF member DIVVY Parking, a tech company that runs an application to connect drivers with unused parking spaces in their buildings, potentially making a 10 to 20 per cent profit on rents.

“In Macquarie Park in particular, we are working with large tenants to maximise efficient use of their parking assets, as well as offering alternative overflow parking in nearby locations, all booked through a single, easy to use app,” DIVVY chief executive Nick Austin said.

Rents for car spaces in Macquarie Park are currently between $1800 a year for an uncovered or on-grade parking space, to $3000 for a covered car space, Colliers International’s Dan Walker said.

“The closure of train stations means demand will increase for parks. We can expect these car park rents to surge to 10 to 20 per cent higher in the near term as companies who occupy space in Macquarie Park consider how their staff will commute to and from work.”

(Thanks to our member DIVVY Parking for supplying this article).