Deicorp, which turns 25 next year, has snared another inner-Sydney site for a nine figure sum.
The local group is paying a speculated $260 million for a 3.12 hectare Five Dock parcel capable of yielding a project with an end value at least four times that.
Vendors, the Dodaro and Drivas families united to sell the holding last February; on land then set to be rezoned from Industrial to B4 Mixed Use, they provided a scheme with four towers, the tallest, 25 storeys, containing over 1000 apartments.
That design also includes a five level podium with offices and retail – all up, offering c93,618 square metres.
It features basement car parking too.
Colliers’ James Cowan, Matthew Meynell and Trent Gallagher marketed the site, considered a strategic parcel by the council which hopes to replace industrial along a prominent inner western Sydney stretch with high density residential.
Last November, it was speculated Gurner and Qualitas were in due diligence for it, for a build to rent project (story continues below).
Kings Bay Village
Marketed as Kings Bay Village, the rectangle shaped Deicorp block, covering 129-153 Parramatta Road and 53-75 Queens, includes a collection of warehouses leased to, amongst other businesses, car yards, a bottle recycling centre and fire protection equipment supplier.
Diagonally adjacent to the Charles Heath Reserve and Five Dock Leisure Centre, it is also about 600 metres from the proposed Burwood North Metro station.
The deal comes 15 months since Deicorp paid Ausgrid c$180m for an irregular shaped 2.86ha amalgamation of nine parcels at Zetland – expected to yield up to eight major skyscrapers (the builder is also behind the Downtown project in that suburb).
The builder’s book of completed projects includes apartment complexes at Ashfield, Petersham, Redfern and Rockdale.
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