Leading Sydney-based development group Freecity has set the stage for a new co-living project in the heart of one of Sydney’s most coveted neighbourhoods, Macquarie Park.

Designed to offer a modern and flexible accommodation solution to a diverse demographic including young professionals, students and digital nomads, the $230-million project is located on Herring Road, just 100 metres away from the Macquarie University metro station. According to the developer, the proposed development will offer about 500 contemporary co-living units, each thoughtfully designed to set a new benchmark for urban living. The Herring Road project marks Freecity’s debut in the co-living space.

Aligned with the co-living concept, residents will also enjoy a range of shared amenities including state-of-the-art cinemas, well-appointed meeting rooms, a fully equipped gym, a sparkling pool, elegantly designed function rooms, communal kitchens, and inviting social spaces. Freecity had acquired the key 1284sqm Herring Road site in January last year.

However, the project is also at the heart of a developing conflict between the NSW Government and the City of Ryde over the rezoning of 68 hectares of land from commercial office space supporting up to 23,000 jobs to residential use in the heart of the Macquarie Park Innovation District.

In November 2023, the NSW Government had presented the rezoning proposal with an aim to create a lively community in one of Sydney’s biggest employment hubs. Location-wise, this area is bounded by two Sydney Metro stations (Macquarie University and Macquarie Park), is home to Macquarie University and the Macquarie Centre shopping hub, and situated in close proximity to the Lane Cove National Park.

“We are constantly searching for ways to ease our housing crisis, and this proposal can help,” NSW Premier Chris Minns says.

“This area is already a good place to work, and we will make it a great place to live and work.”

Minister for Planning and Public Spaces Paul Scully adds, “We need more housing in established areas to improve affordability, reduce infrastructure costs, and limit the burden on taxpayers. This rezoning is an opportunity to deliver more homes on the doorstep of the CBD and near well-connected public transport including the new Macquarie Park metro station.”

The rezoning proposal would deliver 3,060 new homes to Macquarie Park in addition to eight hectares of new public open space, a large multipurpose indoor recreation facility, ground level retail for entertainment and dining, and paths for walking and cycling. The proposal would also allow developers the flexibility to construct up to 5,040 build-to-rent homes instead of commercial real estate.

But the rezoning has drawn criticism from the City of Ryde Council, which says the proposal “has the potential to decimate employment in Sydney’s Global Economic Corridor”.

According to City of Ryde Mayor Sarkis Yedelian, the State Government’s persistence to provide build-to-rent housing will impact tens of thousands of jobs in Macquarie Park, while existing housing developments planned for the precinct will further burden the already strained local infrastructure.

“This destruction of employment spaces will create a massive legacy for future generations of workers that will be office-less across all of Sydney, especially Macquarie Park,” the Mayor notes.

Calling the proposal short-sighted, City of Ryde CEO Wayne Rylands says, “Our Council remains committed to ensuring that optimal planning outcomes are created to not just maintain but enhance Macquarie Park’s position as the country’s premier Innovation District.”

While the rezoning proposal is currently under consideration, the City of Ryde has been granted time until February 2024 to make a submission.

Images: Freecity