Investor Freecity Group has acquired two office buildings at 3 Figtree Drive and 6 Herb Elliott Avenue, Sydney Olympic Park. Spanning 2.13 hectares, the sites were purchased for $90.88m and are earmarked for a major Build to Rent and mixed-use redevelopment.
Currently under-utilised, the site features double-storey buildings totaling 15,000 sqm. Freecity plans to signifiantly increase this footprint, proposing 190,000 sqm for the new development.
Of this, 150,000 sqm have been allocated for Build to Rent, student accommodation and affordable homes. The remaining space will accommodate a hotel, office facilities and retail offerings. Pending approval, construction is expected to begin in 2026, with completion targeted for 2029.
The development will benefit from its proximity to the existing Olympic Park Station and the planned Metro West Station, ensuring strong transport links to Sydney’s central business district, located 20 kilometres away.
“This project represents an exciting opportunity to combine world-class Build to Rent homes with vibrant retail and commercial spaces.
“We look forward to collaborating with the Sydney Olympic Park Authority and urban planners to create a connected, sustainable community that aligns with the goals of the NSW Housing Accord.”
Steven Mann, Chief Strategy Officer, Freecity Group
This acquisition now makes Freecity the largest landholder in Sydney Olympic Park and aligns with the broader Masterplan 2050 initiative, which envisions approximately 13,000 new apartments, schools, community hubs and retail precincts in the area.
Freecity’s purchase continues its recent activity in the Sydney property market. The company acquired office buildings from GPT for a mixed-use scheme which includes Build to Rent homes.
These acquisitions form part of Freecity’s strategy to expand its Build to Rent portfolio, with plans to deliver over 5,000 homes across 12 developments in Sydney over the next seven years.
