Five Dock play next on agenda for Tim Gurner and Qualitas

Billed as one of the largest ever in the area, this $300m site has caught the eye of developer Tim Gurner and partner Qualitas.

An artist’s impression of the Five Dock site which can sustain about 1000 apartments and a shops precinct.

Developer Tim Gurner and partner Qualitas are looking to step up their build-to-rent operations in Sydney and are targeting a major site in the inner west suburb of Five Dock.

The $300m-plus property was billed as one of the largest ever in the area and could sustain a multi-tower precinct, with associated retail and commercial facilities.

The site could accommodate about 1000 apartments and a shopping precinct, with the pair likely to rework existing plans if they go ahead.

Acquiring the site would mark an expansion of their build-to-rent venture which is getting a project underway in western Sydney’s Parramatta, adding to projects in Southbank on the edge of Melbourne’s CBD and at St Kilda Junction.

The pair last November unveiled a $1.2bn fund which had the backing of a major sovereign fund, understood to be Singapore GIC.

While they declined to comment on the Sydney move, the raising gave them the firepower to fast-track the construction of 1700 apartments they already controlled and to fund the acquisition of further build-to-rent assets.

A spokesman for the companies declined to comment on the Five Dock transaction.

“The groups are unable to either confirm or comment on any sites in due diligence,” he said.

“They can, however, confirm that they are actively pursuing sites in Sydney for both build to rent and build-to-sell sectors, with Gurner believing prices will correct as the dislocation in the market continues.”

The firms flagged a focus on Sydney, Melbourne and Brisbane and aim to surpass 5000 apartments.

The Five Dock site was listed via Colliers’ agents James Cowan, Matthew Meynell and Trent Gallagher.

The 3.12 hectare property at 129-153 Parramatta Rd and 53-75 Queens Rd – dubbed Kings Bay Village – was put together by the Dodaro and Drivas families over two decades. It now houses about 22,000sq m of industrial complexes, which would make way for the new precinct.

Canada Bay Council led a planning proposal to rezone the land from industrial uses to B4 Mixed Use, with a 3:1 floor space ratio and building heights of up to 67 metres.

The development is expected to yield more than 90,000sq m of gross floor area and has good transport links as it is near future metro stations at Burwood North and Five Dock.

The venture faced off against significant domestic and international players which chased the asset, betting that the unit market will spark up on the back of rising inbound skilled migration and under-supply of stock. But the rental crisis, which is driving up rental levels, is making BTR schemes more competitive.

In August this year, Mr Gurner and Qualitas unveiled plans for a 61- storey tower in Parramatta. They will deliver a build-to-rent project on a 2049sq m site in the heart of Sydney’s second CBD.

The tower, dubbed GQ, will be built at 12 Hassal St, about 400m from Parramatta station. The 385 apartments will range from studio to three-bedroom options and have been designed by PTW.