A commercial property bordering Sydney Airport has been sold.

A commercial property bordering Sydney Airport has been sold for $128.4 million. Gateway 241 at 241 O'Riordan Street, Mascot has been sold by 151 Property, formerly known as the Valad Property Group, an asset manager owned by Blackstone Group L.P. Blackstone Group L.P is an American multi-national private equity, investment banking, alternative asset management and financial services corporation based in New York City. 

The property was purchased by Australian Property Opportunities Fund III, an unlisted property fund that was launched in October 2016, and is managed by Walsh & Company Asset Management Pty Ltd. 

According to South Sydney Cityscope, Gateway 241 is a 12-storey office building with 405 parking spaces over four basement levels and a cafe on the ground floor. It has a net lettable area of 19,830 sqm and large floor plates of 1,878 sqm. The building’s tenants include the NSW Rural Doctors Network, Colliers International and Coates Hire. 

The property last traded at $66.25 million in 2002. This sale at $128.4 million represented an initial yield of 6.50% on passing income of $8,344,747.