Developers are seeing future potential in Sydney Olympic Park as works for the new metro station get underway, with two adjoining sites selling for a total of $90.88 million.

Located at 3 Figtree Drive and 6 Herb Elliot Avenue, the sites total a 21,302sqm land area with a potential GFA of 76,687.2sqm.

The properties were sold off market by RWC’s Peter Vines, Victor Sheu and Ian Hetherington on behalf of GPT Group.

The properties currently comprise industrial and office usage, but Mr Vines said the sites, which have been purchased by Freecity, had the potential for residential, build-to-rent, and retail and hospitality usage.

The site directly adjoins the new Sydney Olympic Park metro site which is due to open in 2032.

“We’re seeing increased demand for well-located properties in higher value areas within close proximity to the future metro,” Mr Vines said.

“The new metro station will fully unlock Olympic Park as it is ideally situated between the Sydney CBD and Parramatta CBD.

“Because of its lack of transport connection Olympic Park has been undervalued, but with the new metro station just seven years away, developers and investors are starting to realise its potential.”

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