This article is from the Australian Property Journal archive
GPT has launched a new $60 million 6 Star Green Star project at 7 Parkview Drive, Sydney Olympic Park.
7 Parkview Drive will be the first development delivered under the Sydney Olympic Park Authority 2030 Masterplan.
Stage one of three commercial stages, the building will deliver 12,200 sqm of A grade campus style office space and will be the first development in metropolitan Sydney to target a 6 Star Green Star rating.
GPT’s master plan for the site provides a total of 60,500 sqm of campus-style office space based on an increased floor space ratio of 2.5:1 (from 1:1) and includes three campus buildings with a total gross floor area of 42,000 sqm (the first of these buildings now being commenced as announced today).
The development is one of nine Sydney Olympic Park sites owned by GPT that provide a total development capacity of over 200,000 sqm over the next 20 years, and follows the successful development of the QUAD Business Park and GPT’s award-winning 5 Star Green Star QUAD 4 building, which adjoins the Parkview Drive site.
GPT CEO Michael Cameron said the project will deliver an expected yield of 8.5% and an unlevered forecast internal rate of return of 12.5%.
The development is scheduled to commence in August 2010 and complete early 2012.
Australian Property Journal
