Site for sale in heart of Sydney’s sporting mecca

It’s enough to make sport-loving commercial property investors weak at the knees.

A 3.15ha development site that has Sydney’s Olympic precinct in its backyard is on the market, just months after it was rezoned to allow for residential and mixed-use developments.

The Homebush site is currently owned and operated by cold-chain logistics provider Swire Cold Storage, who will offload it after planning controls changed in November, giving the green light for a residential development as high as 72m.

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Indicative planning schemes suggest it could house as many as 514 apartments.

Potential developers will be certain to seize on its views over Australia’s largest sporting precinct, which includes ANZ Stadium, Sydney Olympic Park Athletic Centre, Sydney Olympic Park Aquatic Centre, Spotless Stadium and Allphones Arena.

Selling agent Guillaume Volz of Colliers International says the site’s rezoning will breathe life into an already growing residential region.

The site neighbouring Sydney’s Olympic Park precinct will be sold via expressions of interest.

“The redevelopment of the Sydney Olympic Precinct, including the adjacent Carter St industrial areas, to a highly desirable residential and mixed use area continues to gain traction, principally due to its location, amenities and transportation infrastructure,” Volz says.

“In 2010 the residential population for Sydney Olympic Park was only just emerging. By the end of 2015 the population had grown by 87.5% to over 14,000, and with similar growth projections expected over the next 15 years, the population of workers, residents and students is forecast to increase to 31,500.

While part of the site has been rezoned for residential, another section will facilitate a combination of retail, commercial and other uses.

The redevelopment of the Sydney Olympic Precinct … continues to gain traction

Colliers’ director of project marketing David Chittenden says the Olympic precinct – long criticised for its lack of easy access – has secured a significant foothold in Sydney’s residential market.

“This is an extremely rare opportunity to acquire a parcel of land over 3ha within the Inner West,” Chittenden says.

“Residential demand for the greater Olympic Park precinct continues to improve. The precinct has been well supported by owner-occupiers looking to benefit from the close proximity to Parramatta, Ryde and Sydney CBD, while being able enjoy extensive park lands, sporting facilities and good transport links.”

The property is being sold via expressions of interest, which close on March 17.