GPT sells Sydney Olympic Park development sites for $30m

They were bought by the Chinese developer, Haisheng, which paid a 69 per cent premium to GPT's December 2014 book value. The sites were part of a larger parcel of land purchased by GPT in 2002.

It was brokered by David Inkster of PRD Nationwide.

The funds will be used by GPT for other projects. GPT is said to be an interested party in the $1 billion-plus logistics portfolio being sold by the Singapore Government Investment Corp (GIC).

It comes as investors scramble to get into the residential sector either directly or through land lots that have mixed-use zoning.

Goodman Group is said to be looking at its development sites and where deemed non-core, could be sold to residential investors.

GPT's head of development, commercial and industrial, John Thomas, said the land was originally considered purely for commercial use, but in 2008 the Sydney Olympic Park Master Plan 2030 was changed to include a greater mix of uses across the site.

That altered the proposed use for 1 and 2 Murray Rose to include residential.

The housing component is adjacent to the 5 Murray Rose and recently completed 3 Murray Rose commercial developments, owned by GPT's Metro Office trust.

"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," Mr Thomas said.

He said that GPT is the largest leasehold owner of developable land in Sydney Olympic Park, and also has $300 million of existing investment in the area.

The NSW Government has ear-marked the area as one of growth for Sydney's west and demand is rising for new home developments and infrastructure projects.

Under the Sydney Olympic Park Authority's review of the Master Plan 2030, there is an opportunity for the development of a town centre in the precinct, which would incorporate commercial, retail, education and residential uses.