GPT sells Homebush sites for residential

GPT sells Homebush sites for residentialGPT has netted $30.5 million two development sites at Sydney Olympic Park. Originally intended for commercial use, the sites will now be developed for residential.The two sites at 1 and 2 Murray Rose Avenue, totalling 6453 sqm, were part of a larger site purchased by GPT in 2002. The land was originally zoned for commercial, but in 2008 the Sydney Olympic Park Master Plan 2030 updated the proposed use to include residential.The purchaser, reported to be Chinese developer Haisheng, acquired the residential sites at a 69 per cent premium to its December 2014 book value.Since acquiring the land GPT has developed two commercial projects at 3 and 5 Murray Rose Avenue. They are now owned by the GPT Metro Office Fund and are leased to Lion and Samsung Electronics.”We are progressively developing the commercial sites in the Murray Rose business park, and now is a good time to realise the value of the land with residential development opportunity,” says John Thomas, head of Development, Commercial and Industrial at GPT.”As the largest leasehold owner of developable land in Sydney Olympic Park, GPT has been instrumental in the growth of the precinct, and has $300 million of existing investment in the area.”GPT along with other stakeholders is also participating in the Sydney Olympic Park Authority’s review of the Master Plan 2030. This includes the opportunity for the development of a town centre in the precinct, which would incorporate commercial, retail, education and residential uses.”The transaction was negotiated by David Inkster of PRD Nationwide.