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GPT Acquiring Third Sydney Olympic Park Asset

SYDNEY-When combined with two adjoining sites it already controls, locally based General Property Trust says it will have 7.6 acres with the potential for a commercial redevelopment valued at $400 million.

By Brian K. Miller | Updated on August 01, 2005

SYDNEY-General Property Trust continues to compile assets within Sydney Olympic Park. The locally headquartered company has agreed to acquire of 5 Figtree Dr., a 97,000-sf warehouse and office facility on a 2.9-acre, 83-year ground lease, for $19 million (excluding acquisition costs). The property holds 48,000-sf of single-level office space and an integrated high clearance warehouse with parking for 145 cars. The seller, ACER Computer Australia Pty Ltd, will lease back the building four years, giving the investment an initial yield of 7.5%.After that, it may be redevelopment time. GPT has invested $110 million in two adjoining sites that, when combined with this new one, gives it 7.6 acres that GPT industrial/business parks portfolio manager Victor Georos says has the potential to hold a commercial redevelopment valued at $400 million. The adjoining sites are 7 Figtree Dr. and 8 Herb Elliot Ave. Georos adds that the site is located proximate to the new 247,000-sf campus-style office building being constructed for the Commonwealth Bank. GPT’s project will benefit from the additional retail mix to be provided as part of that development, says Georos.”This acquisition is a logical extension of our development pipeline in the precinct which includes the development of the fourth and final stage of the Quad [which has been submitted for DA approval to Sydney Olympic Park Authority] and expansion redevelopment potential at the nearby adjoining [270,000-sf] Samsung building,” he says.

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