The GPT Group (GPT) today announced its plans to develop an A-Grade office building at 4 Murray Rose Avenue, Sydney Olympic Park after securing the NSW Rural Fire Service (NSW RFS) as the building’s major tenant.
The five storey 15,680 square metre campus office building is the third site to be developed by GPT in Sydney Olympic Park’s Parkview Precinct and will have an end value of more than $100 million.
GPT’s Head of Office and Logistics Matthew Faddy said construction on 4 Murray Rose is expected to start early next year and is due for completion in the second half of 2018.
“We are delighted to have secured the NSW Rural Fire Service as the anchor tenant for 4 Murray Rose, which will add to the growing list of blue chip organisations located in Sydney Olympic Park’s Parkview Precinct,” said Mr Faddy.
“The development will see GPT continue as a key player in the evolution of Sydney Olympic Park into one of Sydney’s key commercial and employment hubs.”
“With a long lease term and high quality tenant in the RFS, the development of 4 Murray Rose will add another high quality building to the GPT Office and Logistics portfolio.”
The NSW RFS has committed to approximately 60 per cent of the net lettable area of the building for an initial lease term of 12 years followed by an option period of 10 years.
4 Murray Rose will be designed to the NSW RFS’s specifications, which will include a state-of-the-art Operations Centre from where it will coordinate all of its fire operations across NSW.
4 Murray Rose will have large span floor plates and is designed to achieve a 5 Green NABERS energy and water rating. Other tenant amenities will include end of trip facilities, bike storage and parking for 240 vehicles.
The other two buildings developed by GPT in the Parkview Precinct include 5 Murray Rose, which is now occupied by the food and beverage company Lion, and 3 Murray Rose, which is occupied by Samsung Electronics Australia.
At Sydney Olympic Park, GPT also owns the Quad 1 and Quad 4 office buildings and the Town Centre which is a consolidated holding of five neighbouring assets that have the potential to become a mixed-use development site.