James Packer broadens his appetite for development with new project

The billionaire is putting his stamp on developments across the city and is backing the top end of the residential market.

James Packer has backed a new project in the affluent Sydney harbourside suburb of Rushcutters Bay. Picture: Aaron Francis

James Packer has broadened his appetite for development to Singapore-style shop fronts and apartments with the billionaire committing to a new project in the affluent Sydney harbourside suburb of Rushcutters Bay.

The billionaire will back prolific developer Third.i, which has residential and commercial projects across NSW, and join the wave of new projects planned for the city’s wealthy eastern suburbs.

Mr Packer and former Crown executive Todd Nisbet have teamed up with Third.i to develop an eight-level shoptop project, with their moves foreshadowed by The Australian’s Margin Call column.

The Australian can reveal that the billionaire will be backing the Third.i project fronting 51-57 Bayswater Rd, which is yet to be approved by the City of Sydney Council.

Third.i director Luke Berry flagged hopes for a broader tie-up with the support of the billionaire, who has also taken a renewed shine to property developments after leading the much larger scale transformation of Barangaroo with a $2.2bn casino, hotel and apartment tower.

“Regarding the capital partner in Rushcutters Bay, we are excited to confirm that NPACT will be joining us as our capital partner and we hope that this will be the first of many projects with them,” Mr Berry said.

Third.i are a top Australian property development company with a pipeline of more than $4bn of property in Australia, Britain and Singapore.

An artist’s impression of the Rushcutters Bay project by developer Third.i that James Packer is backing.

Under the plan, two ground floor retail tenancies will be developed on the busy arterial road leading to Double Bay with 12 three-bedroom apartments to be built on top as well as communal and open spaces for the sole use of residents.

The Bayswater site adjoins a small-scale hostel and a nine-storey residential flat building, The Wardleigh, with the site presently occupied by an ageing multistorey shoptop development.

The planned apartments range in size from 121 sq m to the 198 sq m penthouse, and are split across levels five and six. The penthouses would have private rooftop terraces of more than 100sq m with recreation areas and pools.

Rushcutters Bay is dominated by the Rushcutters Bay Park and the Cruising Yacht Club of Australia. The median cost for a two-bedroom apartment in the suburb is $1.6m.

The Packer move adds to his growing portfolio of property plays in the city which includes backing developer Time & Place on a boutique apartment complex overlooking Manly beach and its luxury proposal for the Chimes building in Potts Point.

An artist’s impression of the Rushcutters Bay project by developer Third.i that James Packer is backing.

Further south, Mr Packer and Mr Nisbet are also involved in a $400m residential development in Toorak overseen by Melbourne-based developer Orchard Piper.

They are building a mix-used eight level development on Carters Ave. Orchard Piper, which has completed five buildings in Melbourne, paid $67m for what is one of the last development sites in the affluent suburb. The block is home to a Mercedes Benz dealership, with the firm lodging plans for a 46-apartment building, including basement parking, as well as office and retail tenancies.

The local council is yet to approve the proposal, which was lodged last year.

Orchard Piper are also building in East Melbourne. Orchard Piper’s 370 Albert St residential development project in East Melbourne comprises 13 large units, with prices ranging from $3.49m to $9.495m for a three bedder, offering buyers the opportunity to move in from early 2025.