Iwan Sunito pays $125m for inner west site
Iwan Sunito is boosting his post Crown Group pipeline, with his private investment vehicle One Global Capital acquiring a major inner west Sydney site.
The 1.4 hectare holding comprising several former car yards at 155-157 and 159-167 Parramatta Road, Five Dock, cost c$125 million.
Backed by MaxCap, the developer plans a mixed use precinct with 750 apartments.
A 250-room hotel, 3000 square metre conference centre and 10,000 sqm retail and lifestyle hub also forms part of the design – part of a five floor podium.
Upper level north facing components will capture views over the Barnwell Park Golf Club to Kings Bay.
Described by Mr Sunito as “a city within a city” and triple the size of Crown Group’s Infinity project at Green Square, it will contain 42,366 sqm of gross floor area.
The end value will circle $1.6 billion.
Koichi Takada, PTI Architects Indonesia and Buchan Australia are the designers.
Water views
OGC said it is canvassing other co-investing interest for the Five Dock project from US, Chinese, Singaporean and Middle East backers (continues below).
A planning application is expected to be lodged by the middle of this year.
Construction is expected to start in 2028.
Sydney Metro was one of the sellers.
Quay Group Pty Ltd was another.
The land abuts an amalgamation Deicorp bought in 2023 also with plans for multiple high rise towers containing a total c1000 dwellings.
Spreading 3.4ha, that parcel cost a speculated $260m.
Five Dock is about 10 kilometres from town.
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