Frasers Property has seen a wave of investors interested in Midtown, their urban renewal project on Sydney’s North Shore.
Frasers note the main reason has been the projects proximity and connectedness to the greater community and surrounding Sydney suburbs.
There were nearly 20,000 expats who returned to Australia in March, data from the ABS showed.
A rebound in international students is also expected to follow and with research from Urbis suggesting the already tight rental markets may only tighten further. Savvy investors are recognising this build-up in demand for well-located rentals within walking distance of major employment and education hubs.
Midtown, in the heart of Macquarie Park.
Fraser’s General Manager Development NSW, Cameron Jackson said Midtown's walkability was a key element of the project.
“Midtown MacPark is designed for 100 per cent walkability," Jackson said.
"Future residents will be living in one of Sydney’s most connected communities where car ownership is not a necessity – a lifestyle which many expats and international students are already well-accustomed to and actively seek to emulate when they move to our shores.
“The Metro station and Macquarie Centre are both just 500 metres away, and other shops, schools, a hospital, and childcare centres are all nearby. There are also extensive public transport options, including rail and bus connections. With the new Metro line, which is expected to be completed in 2024, travelling to the Sydney CBD will take less than 20 minutes.”
“And with the return of international students, demand for smaller units without a car space will further grow, as the world-class Macquarie University is only a 600-metre walk away. That makes Midtown MacPark particularly attractive to the university’s more than 44,000 enrolled students and 3,000 staff.
There will be a car sharing scheme planned for the community, where designated car share spaces will be provided in each stage and at least 50 shared vehicles serving the community.
Jackson also said that the connectivity of Midtown and Macquarie Park as a whole is only set to grow further.
“Macquarie Park is often referred to as ‘Australia’s Silicon Valley’, given its status as a major technology, education and healthcare hub, and is already the largest non-CBD office market in Australia,” he says.
“Yet this lively precinct has still to reach its full potential, with the NSW Government’s Draft Macquarie Park Place Strategy identifying scope for up to 20,000 additional jobs to be located in the precinct over the next two decades.
“This significant forecast employment growth complements the already strong investment fundamentals for well-connected homes in Macquarie Park, and Midtown MacPark is the only community supported by a true mixed-use masterplan in this high-growth area.”
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