Gurner, Qualitas eye inner Sydney site for BTR project
Gurner and Qualitas are speculated to be buying a landmark Five Dock site with plans for another Build to Rent project.
The 3.12 hectare property covering 129-153 Parramatta Road and 53-75 Queens hit the market in February with $300 million-plus price hopes.
The vendors, the Dodaro and Drivas families, offered it with plans for a $1 billion mixed-use project (artist’s impression, top) containing over 1000 dwellings in four towers, the tallest, 25 storeys.
A five level podium adding offices and shops would flank it.
The land is about to be rezoned from industrial to B4 Mixed Use, which would allow the rebuild.
Colliers’ James Cowan, Matthew Meynell and Trent Gallagher were the agents.
Kings Bay Village
The rectangle shaped Five Dock site contains warehouses of various sizes leased to, amongst others, car dealerships Sydney City Traders, The Luxury Garage and Pat Cole’s Autobody Mercedes-Benz.
Bottle and can recycle centre CitizenBlue also occupies a space as does fire protection equipment supplier ReFire Group.
Colliers marketed the proposed project, with a gross floor area of 93,618 square metres, as Kings Bay Village (story continues below).
Abutting Rosebank College, the property’s north west boundary is diagonally adjacent to Charles Heath Reserve and the Five Dock Leisure Centre.
It is c600 metres to the proposed Burwood North Metro station.
Any acquisition – Gurner and Qualitas are believed to be in due diligence – comes 11 months since the pair paid c$70m for a 2050 sqm Parramatta property, including a former Police-Citizens Youth Club, with plans for a BTR investment.
That site, 12 Hassall St, was offered permit-ready for a 61 storey complex with 385 dwellings and 4000 sqm of office and retail space.
The end value is speculated to be c$450m.
Earlier today, we reported Gurner and Qualitas director Andrew Schwartz, as part of a consortium with the Liberman family, amongst other investors, will construct a BTR asset at Melbourne’s Docklands as part of a $1.75b mixed-use project.
Also in the Victorian capital, the partnership is behind a development of this type, with 12 and 28 level complexes, at the St Kilda Junction.
Qualitas and Gurner director Tim Gurner, backed by Singapore sovereign wealth fund GIC, last year established a $1.2b fund to develop local BTR product.
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