This article is from the Australian Property Journal archive
CENTURIA Property Funds has sold a site at 100 Bennelong Parkway in Sydney Olympic Park for $24.5 million.
The site was sold to Harry Triguboff’s Meriton Apartments. Located on a large 15,040 sqm site opposite Bicentennial Park, the building comprises two levels of office accommodation, a ground floor warehouse, and parking for approximately 237 vehicles.
Centuria Property Funds CEO Jason Huljich said the sale represents an extraordinary 24.45% 10-year average annual return for investors.
Centuria bought the site in December 2002 for $10.5 million.
“The property has significant residential development upside with the potential to construct over 300 apartments.
“Sydney Olympic Park is going to be a thriving residential area. The precinct and its surrounding suburbs are attractive to potential buyers because of the proximity to Sydney’s road network and public transport, along with access to sporting and recreational facilities,” he added.
Huljich said the sale marks another in a series of Centuria successes in the Sydney Olympic Park precinct. It has previously sold 2 Australia Avenue in 2009 and 6 Herb Elliott Avenue in 2010 from which investors received average annual returns of 19.0% and 21.1% respectively.
Centuria still owns 8 Australia Avenue which is adjacent to the Sydney Olympic Park train station.
The sale of the property was handled by Savills Australia in conjunction with GJS Property.
Property Review
