Freecity secures two more offices for BTR conversion
EXCLUSIVE
Freecity Group has bought two more offices from GPT – next to each other at Sydney Olympic Park – with plans for a build-to-rent based mixed use project.
Covering 2.13 hectares, 3 Figtree Drive and 6 Herb Elliott Avenue, are costing $90.88 million.
Both blocks are under-utilised, with double storey buildings containing a combined 15,000 square metres.
Freecity is planning some 190,000 sqm.
The bulk – 150,000 sqm – will be for build to rent, student accommodation and affordable housing.
The balance is allocated for a hotel, offices and shops.
If approved, the group – now Sydney Olympic Park’s largest landowner – aims to start building next year.
Completion is scheduled 2029.
The area falls within the Masterplan 2050 precinct of Sydney Olympic Park, which master-plans c13,000 apartments in five neighbourhoods and two precincts, at least two schools, a library and community hub and retail hub.
Ray White Commercial’s Peter Vines, Victor Sheu and Ian Hetherington brokered the deal; 6 Herb Elliott Ave, on 8402 sqm, only just settled, for $22.5m (story continues below).
Sydney Olympic Park is about 20 kilometres west of the CBD.
Freecity, GPT trade more offices
The Sydney Olympic Park deals come eight months since GPT sold two more Sydney offices held by its Wholesale Office Fund, to Freecity, again for BTR-based projects.
At 153-157 Walker Street, North Sydney – a 1928 sqm block – Freecity plans to convert a 44 level, c47,000 sqm office as a 387 unit BTR investment and 177-key hotel.
GPT paid $185.5m for this property in mid-2022 (#157 was acquired from Marprop for $125.5m while the neighbouring low rise strata office, #153, was bought from multiple owners).
Meanwhile in Parramatta, Freecity intends to replace 81 and 91 George St and 1 Barrack Lane with commercial, retail and some 120,000 sqm of BTR product, about 900 dwellings.
GPT acquired this site in stages from 2021 for a total $160m.
Freecity is reported to be paying c$220m for the Parramatta and North Sydney blocks.
The group is also behind a BTR project at Rouse Hill. This week it began construction of its first purpose-built student accommodation complex, with 528 units, at Macquarie Park, where it is headquartered.
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