Macquarie Telecom announced its plans to construct a $59.8 million data center in the North Ryde area of Sydney. The telecommunications hosting company, which bought the land for the data center for $10.8 million, said that the new data center might be completed by late next year.

The data center, which will be called "Intellicentre 2," will require the company to invest a further $49 million over two years for its construction.

In a statement, Aidan Tudehope, managing director of Macquarie Hosting, said that his company chose to build the data center on North Ryde because it is close to Macquarie Telecom's other data center in Sydney. He also adds that the North Ryde location offers a diverse range of power infrastructure and telecommunications supply.

"Our Sydney CBD datacentre remains the most highly accredited datacentre in Australia and this same focus on operational excellence will be applied to our new North Ryde datacenter... This new facility will support both our corporate and government customers' future needs. It will be accredited to ASIO T4, Defence Signals Directorate standards, Payment Card Industry (PCI DSS) standard and ISO27001," Tudehope said.

Macquarie Telecom reported $18 million in net profit last year. The figure sees a 70.8 percent increase from the previous financial year.