ApartmentsLindsay SaundersFri 22 May 26
Olympic Park Mega-Site on Block in Sydney’s Inner West
A 17ha mixed-use development precinct next to Sydney Olympic Park is coming to market after the lender took control of the asset, amid intensifying demand for large-scale residential opportunities across the city.
The 15-35 Carter Street, Lidcombe site is being marketed by Colliers agents Matthew Meynell, Trent Gallagher and Joseph Lin on behalf of KordaMentha as agents for the mortgagee in possession.
Metrics Credit Partners is offloading the 16.5ha precinct after its Chinese state-backed owner defaulted on a $270-million loan facility.
That owner, developer Australia YMCI, primarily owned by the Yunnan provincial government, had held plans for a 3000-home precinct to rise on the site over a decade.
In January Metrics took over the site, appointing KordaMentha as agents for the mortgagee-in-possession.
An expressions-of interest campaign for the precinct, one of the largest undeveloped sites in metropolitan Sydney, is due to close on June 18 at noon.
Known as Carter Place, the 16.7ha holding is within the NSW Government-backed Carter Street Precinct and carries an approved 10-lot subdivision framework with the potential to deliver more than 308,000sq m of gross floor area.
The planning controls support the future development of about 3600 apartments alongside retail and commercial uses, putting the site among the largest remaining infill development opportunities within Sydney’s middle-ring growth corridor.
Meynell said opportunities of comparable scale and planning certainty had become increasingly scarce across Sydney.
“Carter Place is one of the few remaining opportunities in Sydney where developers can secure scale within an established urban corridor already benefiting from major infrastructure investment and planning certainty,” he said.
“The ability to deliver a masterplanned mixed-use precinct of this scale, next to Sydney Olympic Park and within reach of Metro West and Parramatta Light Rail infrastructure, positions the asset to attract significant institutional and offshore interest.”
The agents said the site was expected to draw interest from major local and offshore developers, private capital groups and emerging build-to-rent operators seeking large-scale projects within Sydney’s increasingly supply-constrained residential market.
The offering comes as Sydney’s development sector continues shifting toward large masterplanned infill precincts capable of delivering housing at institutional scale, particularly in locations benefiting from significant transport and infrastructure investment.
The Carter Street Precinct is part of the state’s broader Sydney Olympic Park growth strategy, which is expected to accommodate about 15,000 new homes and 26,000 jobs over coming decades.
