- 1.44Ha site offers 9,992sqm of office space
- EG’s Urban Regeneration Joint Venture aims to purchase up to $400m of commercial property
- Demand for quality Sydney Olympic Park office space has risen according to Knight Frank
The two A-Grade commercial buildings at 6 Parkview Drive (Quad 2) and 102 Bennelong Parkway (Quad 3) at the Sydney Olympic Park sold for $66.1 million.
The buildings are located 12.5km west of the Sydney CBD on a 1.44Ha site that offers 9,992sqm of office space along with 283 car bays.
The acquisitions represent the first deal for Australian real estate fund manager, EG, in their Urban Regeneration Joint Venture, which will initially result in the purchase of up to $400 million of commercial property.
The previous owners were Growthpoint Properties Australia.
“The modern A-grade properties are well located within the Sydney Olympic Park precinct which is set to benefit from the construction of major infrastructure projects including the Sydney West Metro which will see the precinct directly connected to the Sydney and Parramatta CBD’s via a new station,” said Sean Fleming, EG’s Head of Capital Transactions.
Additionally, vehicle connectivity to the site will be benefitted by the West Connex Project, which was recently completed.
EG currently has over $3.2 billion of assets under its management with $4.3 billion in the development pipeline
Knight Frank’s Tyler Talbot, Graeme Russell and Tim Holtsbaum along with Jason Wright and Chris Bailey of GJS Property facilitated the deal.
“The assets are in high demand as demonstrated by a number of recent leasing deals from tenants seeking quality space in Sydney Olympic Park,” said Mr Talbot.