The long-term leasehold of a huge 1.44 HA commercial office site in Sydney’s Olympic Park has changed hands for $66.1 million. Neighbouring buildings, Quad 2 and Quad 3 at 6 Parkview Drive and 106 Bennelong Parkway respectively, were being marketed by GJS Property and Knight Frank Sydney. The vendor of the leasehold, which expires 20 January 2101, was Growthpoint Metro Office Fund, a real estate investment trust formed following the compulsorily acquisition of all units by Growthpoint Properties Australia in September 2016.
Both buildings are part of the Quad Business Park. Quad 2 is a four-storey office building with a net lettable area of 5,100 sqm and on-grade car parking for 135 vehicles; it was completed 2002. Quad 3 is an A-grade, three-storey office building with car parking for 133 vehicles; it was completed in 2004 and has a net lettable area of 5,244 sqm.
The buyer was EG Funds Management, a real estate investment fund manager, currently with $3.2 billion worth of assets under management. The buildings last traded together at $14.58 million in 2014.