This article is from the Australian Property Journal archive
GPT is continuing to build up its industrial portfolio with the purchase of a facility in Sydney Olympic Park from Century Funds Management for $12 million.
The price reflects a yield of 6.4%.
Located at 6 Herb Elliot Avenue, the 4,144 sqm property is leased to NSW Rail Corporation until March 2012.
GPT CEO Michael Cameron said the site is underdeveloped and has future development capacity for over 29,000 sqm of floor area under the recently approved Sydney Olympic Park Masterplan 2030.
“The acquisition is a strategic move to expand our development pipeline opportunities at Sydney Olympic Park and is consistent with GPT’s plans for our high quality industrial portfolio and the GPT development strategy presented to the market in November 2009,” he added.
The property is prominently located in the Town Centre precinct of Sydney Olympic Park on Herb Elliot Avenue adjacent to GPT’s three existing sites and directly opposite the recently completed Commonwealth Bank Centre.
Australian Property Journal
