One Global Residences & Resorts to develop $450m premium residential project at Macquarie Park

New development company, One Global Residences & Resorts, recently backed by Iwan Sunito has acquired a 6,974 sqm parcel of land at a prime location in Macquarie Park.

The site spans across six adjoining blocks fronted by Lachlan Ave, Windsor Drive and Herring Road in one of Sydney’s fastest growing precincts.

The new company is a separate venture from Sunito’s other property development company, Crown Group of which he is Chairman and Group CEO.

The first of a series of acquisitions planned for 2023, the dynamic new entity acquired the site, located at 7-11 Lachlan Ave and 157-159 Herring Road, in a complex and skilfully managed sale by Savills – believed to be the largest collective sale in recent times in Australia.

One Global Residences & Resorts plans to develop the site into a premium, three-tower, ‘signature selection’ residential development with a gross realisation of $450 million, comprising a mix of 270 immaculately designed, larger-sized apartments as well as a luxury 100-room boutique hotel and specialised premium retail.

The project provides for a shared concierge and premium community facilities allowing residential purchasers lower cost strata levies along with access to services usually only accessible in hotels such as 24-hour food and beverage services.

One Global Residences & Resorts Chairman & CEO Iwan Sunito said he was excited to announce the introduction of the new premium, ‘signature selection’ residential and hotel “platform” which aims to set a new benchmark in luxurious larger-sized residences, hotels, retail and facilities.

“The platform has been specifically established to work with funds and financial institutions in stand-alone joint ventures,” Mr Sunito said.

“As the first of many acquisitions, the Macquarie Park site is a significant investment which we plan to deliver a truly extraordinary residential offering to the market, unlike anything else currently available in Sydney.”

“The Macquarie Park site is ideally located for residential apartments as it is within easy walking distance to Macquarie University, the recently expanded Macquarie Centre and Macquarie Park Metro Station.”

Savills Director Stuart Cox who facilitated the sale said: “This represents the largest collective sale in Australia so far this year with all six adjoining blocks having to settle on the same day.”

“This was a very unique offering for Macquarie Park providing future residents within this development the opportunity to live within 300 metres of Macquarie University, Macquarie Centre, Macquarie Railway Station and the Macquarie Bus Interchange,” Mr Cox said.

“Also significant is the site’s 77 existing apartments which will remain tenanted until a DA is achieved later this year.”

It is envisaged the project will be brought to market in 2023.

Macquarie Park’s abundance of amenities provides highly desirable live/work/study environment, only 12.5 kilometres from the CBD

“Macquarie Park has become one of Sydney’s fastest growing and most desirable suburbs to live, work, study and shop, largely due to its sheer abundance of amenities, universities, shopping centres and transport options,” Mr Cox said.

“The changing face of Macquarie Park from the light industrial and commercial centre to a mixed-use core, has seen the demand for residences close to employment centres and transport connections skyrocket over the past two to three years,” he said.

“The suburb is earmarked to grow to the fourth largest CBD in Australia by 2030, by doubling its current working population of 40,000 employees and expanding from 850,000 square metres of commercial space to potentially over two million square metres.”

The site benefits from close proximity to Macquarie Centre, Macquarie University and two Sydney Metro Stations at Macquarie University and Macquarie Park providing direct access to the surrounding CBDs.

Meanwhile, Crown Group will continue to deliver its own projects as usual, concentrating on innovative design and focussing on the affordable luxury market.

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