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It really is going to be the next CBD for Sydney 周边买房的筒子注意了, 升值好区, North Ryde - Next house price booming region after North Sydney / Chatswood
Key message: ..."Mann points to the greater plan behind this infrastructure - last year a Local Environmental Plan was approved in concept to allow development of a further 880,000 sq m. "In time, say a decade, this office market will be bigger than North Sydney," he says. "It really is going to be the next CBD for Sydney." (more see below article)
Date: November 24 2007
North Ryde's business park development is gaining momentum. Kate Farrelly reports.
THERE are ticks in nearly every box for North Ryde's business parks as a new development cycle begins, one that is expected to see North Ryde eclipse its competitors, North Sydney and Parramatta.
Building on strong demand and record low vacancy rates, Macquarie Park and Riverside Corporate Park are enjoying a renaissance under a more relaxed planning regime aimed at creating a CBD environment.
Denys Bizinger, Jones Lang LaSalle director of industrial and office parks, says the recent zoning change from high-tech industrial to commercial has encouraged a shift towards creating only office space.
"The whole place is completely changing," he says. "We saw the boom of the late 1980s, a bust in the early 1990s, another boom late in the 1990s, then the tech wreck in 2000. Now we've built up momentum for another exciting development stage."
Figures from the Property Council of Australia show the office vacancy rate almost halved from 14.4 percent in January 2005 to just 7.9 percent in July this year.
Kevin Stanley, regional research manager for CB Richard Ellis, describes Macquarie Park as the darling of the non-CBD office markets. "With Optus on the way, the vacancy falls already evident are likely to be further reinforced," he says. "Strong absorption continues in Macquarie Park, especially for speculatively built office buildings."
The total size of the North Ryde market is about 630,000 square metres, which compares favourably with Parramatta at about 600,000 sq m and North Sydney at about 800,000 sq m. "The vision the government and council have is an area up to about half the size of the Sydney CBD," says Colliers state director Mark Martin.
"They want it to be the second largest business district to the CBD. The opening of the Lane Cove tunnel, the final link in the Sydney orbital, improves access to Macquarie Park and the broader North Ryde area."
Add to the mix three new heavy rail stations to open next year, alongside a network of cycleways and priority bus routes and the Macquarie Park Corridor, as it is now known, has become one of the country's leading business locations.
"It's close to the white-collar workforce, it's cheaper compared with other suburban markets, the supply of land is pretty good and the quality of buildings is pretty appealing to tenants," Martin says. "Now there's good transport access as well."
Stuart Ross, director of industrial services for CB Richard Ellis, says the highest rents in North Ryde are about $300 a square metre, a discount of about 25 per cent on North Sydney rates. Among other positives, Ross says, are the higher car-parking ratios and the availability of large areas of contiguous office space, which "are difficult to find in other locations, where development and new stock is restricted".
"For large tenants looking for cost-effective accommodation in a location that's better accessible because of the railway line that's coming, it's hard to pass Macquarie Park," Ross says.
Colliers estimates almost 43,000 sq m will become available in North Ryde next year. "There are five different buildings being constructed for completion in 2008, with 15,300 sq m pre-committed," Martin says.
The five are 1 Rivett Road, 6 and 7 Eden Park Drive, 78 Waterloo Road and 67 Epping Road. The main pre-commitments are Computer Associates at 6 Eden Park Drive and Boehringer at 78 Waterloo Road.
"There is a bit of supply coming on line but our historical analysis shows a typical take-up of about 60,000 sq m [a year]," Martin says.
However, in 2009 oversupply could be an issue. "In 2009 there's a lot more space - about 161,424 sq m under construction or that could potentially come on line - with 18,400 sq m pre-committed," Martin says. "That's 41,887 sq m under construction and 111,137 sq m of additional space ready to go but not yet under construction across nine different sites. So there is some danger of an oversupply in 2009."
Bizinger is not too concerned about an oversupply, saying most projects being built now by developers were approved some time ago.
"It takes 18 months to get to the stage when you can start building and another 18 months to build," he says. "There's 60,000 sq m coming out now and another 180,000 sq m that technically could be built tomorrow.
"But these are sophisticated developers and institutions that are not going to push the button just because everyone else is doing it. They'll rely on supply and demand. A percentage of pre-commitment will trigger construction."
Market players include Stockland, ING, Goodman, AMP and Macquarie University Property Investment Trust.WELL DEVELOPED
Speculative building is a sure sign of a healthy market and Stockland, which built the Optus campus, is one of several developers on the North Ryde bandwagon.
The company recently completed 66 Waterloo Road, an 11,000 square metre building originally with no pre-commitment. It quickly secured Janssen-Cilag and Schering-Plough then leased the rest of the building before completion.
"You can see there's a lot of excitement about these buildings, they're fully let before they're finished," Jones Lang Lasalle's Denys Bizinger says. "It's the perfect scenario for developers and institutions doing development."
Stockland CEO Steve Mann says the group has a current North Ryde portfolio of $300million with a further $300million in the pipeline.
"We've been a long-term believer in the emergence of Macquarie Park, firstly in terms of infrastructure," Mann says. "There's been a huge commitment from the Government to produce infrastructure … there's the train line coming through next year which puts North Ryde on the North Shore and main line-network and, in terms of roads, the Lane Cove Tunnel means there are no traffic lights to the city and virtually none to the airport, so access has improved."
Mann points to the greater plan behind this infrastructure - last year a Local Environmental Plan was approved in concept to allow development of a further 880,000 sq m. "In time, say a decade, this office market will be bigger than North Sydney," he says. "It really is going to be the next CBD for Sydney."
Kate Farrelly
[ 本帖最后由 aus2007 于 2007-11-25 21:28 编辑 ] |
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爱尔兰的流浪者 (2011-4-7) slateblue 
发表于 2007-11-25 21:06
