Two three-storey office buildings in Sydney’s Olympic Park have come to market with the potential for residential redevelopment.
South Africa-backed property trust Growthpoint Properties Australia has placed the two properties on the market.
The 14,423sq m site, which comprises 6 Parkview Drive and 102 Bennelong Parkway (being marketed as quad two and three), are expected to draw offers north of $70 million.
The site has mixed-use and apartment redevelopment potential (subject to council approval) and is zoned B4 mixed use and will benefit from the generous density and height increases allowed under the Sydney Olympic Park Authority (SOPA) Master Plan 2030.
A potential redevelopment could expand the site to 33,722sq m of gross floor area, will allowances for up to 446 units and a building height limit of up to 15-storeys.
GJS Property’s Jason Wright and Chris Bailey, in conjunction with Savills Australia’s Neil Cooke and Stuart Cox, have been appointed by Growthpoint Properties Australia to market the property.
“With its close proximity to the Sydney and Parramatta CBDs, and its free-flowing connectivity with public transport, Sydney Olympic Park is one of the most sought-after suburbs for commercial investment and residential development in metropolitan Sydney,” GJS Property’s Jason Wright said.
The buildings are within a five-minute walk of the suburb’s train station, retail centre and sporting infrastructure that played host to the 2000 Olympic Games.
Developers will no doubt be attracted to the highly developable parcel of land benefitting from generous planning controls.
“Following the Olympics, developers set their sights on the emerging suburb, and soon after high-quality commercial and residential buildings began materialising,” Wright said.
“Now 18 years later, the suburb is an established urban oasis benefitting from significant infrastructure and private investment.”
Growthpoint announced last month that it will further develop its Botanicca corporate park in Richmond, adding two new office towers.