Prominent Sydney Olympic Park building to fetch more than $50 million

20 February 2019

A prominent Sydney Olympic Park office building has hit the market with expectations of more than $50 million.

The five-level, A Grade commercial asset at 7 Murray Rose Avenue comprises 5,931sq m of net lettable area, including ground-floor retail space. It has a five-star Green Star and 4.5-star NABERS energy rating.

Matthew Dunn and Tim Grosmann of Savills Capital Transactions, in conjunction with Knight Frank’s Tyler Talbot and Graeme Russell, have been appointed to market the property via expressions of interest on behalf of Charter Hall.

Mr Talbot said the property was expected to receive strong interest from local and offshore investors due to its strong tenant covenant and prime location.

“The asset is strategically positioned opposite the Sydney Olympic Park train station and provides secure cash flow underpinned by a long-term lease to Thales Australia until 2032,” he said.

“As investors speculate what the outlook for the property market will be in 2019, an asset such as this with a 12-plus-year WALE is an astute play for investors to weather any type of downturn,” Mr Dunn said.

The Sydney Olympic Park Master Plan 2030 addresses major expansion of the precinct, with current transport infrastructure projects including WestConnex, the Parramatta Light Rail and Sydney Metro West enhancing connectivity to the Sydney CBD and throughout metropolitan Sydney.

The office market in Sydney Olympic Park currently measures about 130,000sq m, with an approved or under-construction pipeline of about 50,000sq m. This will take it into Sydney’s top-five suburban office locations, ahead of Chatswood.

The precinct is an evolving and developing market that is currently forecast to comprise 34,000 workers, 5,000 students, and a residential population of more than 23,500 people by 2030.

Expressions of interest close at 4pm on 27 March 2019.

 
 

Key Contacts

Matthew Dunn

Matthew Dunn

Director
Capital Transactions

Sydney

+61 (0) 2 8215 8930

 

Tim Grosmann

Tim Grosmann

Director
Capital Transactions

Sydney

+61 (0) 2 8913 4818