Investor Starin has hosted a ceremony to break ground on its new Adina Apartment Hotel it is building in Sydney’s second biggest and fastest growing business and commercial district, Macquarie Park.
Dignitaries from the local community, development partners and investors attended the event last week to see the beginning of what will become one of the area’s biggest and most significant hotel and conferencing developments with 154 hotel apartments, due to open next year.
Scott Nargar, Program Leader at Hyundai Motor Company provided the venue for presentation. Nargar said the business community had needed such hotels for a long time and welcomed Starin’s Adina Apartment Hotel at Macquarie Park.
Starin is a Sydney-based boutique fund manager that actively engages in prime commercial property of hotels and serviced apartments. The new Adina Apartment Hotel is Starin’s flagship project and it will deliver design excellence and commercial returns, fulfilling the high demand for accommodation from businesses in Macquarie Park, by being the first and tallest fully serviced apartment hotel. The hotel will be operated by TFE Hotels, the only company headquartered in Australia to design and manage hotels end to end, from concept to successful operation.
Starin’s Adina Apartment Hotel Macquarie Park design offers sweeping views of Sydney’s city skyline from its 19 storeys and includes an open-air pool, gym and executive suites on the top floor. It will comprise 154 apartments, a ground floor reception, café and bar with an outdoor area and conferencing. Construction is starting now with planned completion by end of 2017.
Typical of all Adina Apartment Hotels, it will offer spacious apartment living with the benefit of hotel services such as 24-hour reception and room service. Starin and TFE Hotels have carefully considered contemporary living and working spaces that will encourage guests to “live like a local” in studios or in one and two-bedroom apartments with fully-equipped kitchenettes and laundries.
“The project has had a continuing strong vision in pushing design excellence,” said Starin CEO, Anurag Thukral. “The journey has involved a prestigious design competition with the prize awarded to leading architects.
“Starin has focused on efficient design coupled with outstanding décor, interiors and ambience.
“Starin is proud to hand over the operations to TFE Hotels, one of the leading hotel operators in Australia, to provide world-class customer service and maintain a 4-plus rating for the Apartment Hotel.”
TFE Hotels CEO Rachel Argaman said she was excited to see the project come to fruition in such an efficient time frame.
“We are thrilled to see the progress on this project and anticipate the hotel will open by Christmas in 2017, adding a real flagship leisure and business hotel to this important development area of Sydney,” she said.
The Macquarie Park hotel is strategically placed in one of Sydney’s fastest growing business centres, where pharmaceutical, technological, electronics and telecommunications corporations are headquartered, close to Macquarie Centre, one of Sydney’s biggest new retail centres.
The hotel is on Lane Cove Road, just 150 metres from Macquarie Park train station, to take advantage of the busy corporate and MICE markets drawn to the many corporate offices headquartered in the precinct, including Hyundai, Optus, Sony, CSIRO and Cochlear as well as Macquarie University and Macquarie University Hospital.
The commercial precinct is 12 kilometres northwest of Sydney CBD and is the second largest business district in NSW after North Sydney, with 13,000 businesses spanning 854,251sqm of commercial space.
Macquarie Park’s master plan shows it is expected to double in size in the next 20 years to include 2.5 million square metres of commercial space, to make it Australia’s fourth largest CBD after Sydney, Melbourne and Brisbane. It is also the second largest commercial office area in NSW after Sydney CBD.
“This is a huge growth area of Sydney and having a new apartment-style hotel there will cater to that growing demand for excellent conference facilities and stylish apartment accommodation for business travellers,” Ms Argaman said. “Ryde’s hotel accommodation market has continued to perform on a yearly basis in line with strong corporate related demand as well as the emerging presence of Macquarie University.”
This key employment hub is expected to create more than 40,000 additional jobs by 2031 and its population to expand by 34 per cent to reach nearly 30,000 residents by 2031.