Multi-billion-dollar developer GURNER™ and Australian real estate investment manager Qualitas have this week transacted on a prime development site in Parramatta’s CBD, with plans to develop the site into a $450mil mixed-use project.
The 2,049sqm site, located at 12 Hassall Street, will yield approximately 385 apartments over 61 levels and will likely include 4,000sqm of retail and commercial space, premium amenity and a rooftop facility once complete.
The acquisition marks the first of many planned in Sydney in the coming years as GURNER™ have earmarked the city as a key focus for continued growth, off the back of recent regulatory changes and an evolving macro-economic climate.
GURNER™ has recently established an office in Sydney to lead the aggressive acquisition phase with several additional sites currently under consideration.
The development team will look to submit planning documentation in early 2022, with construction likely to commence in late 2022.
GURNER™ founder and director, Tim Gurner said “ We are excited to announce this strategic acquisition as the first of many more to come as we look to significantly grow our portfolio in Sydney and wider New South Wales, across both our Build-to-Sell and Build-to-Rent platforms.
“ For a long time the development fundamentals in Sydney didn’t stack up against Melbourne and Brisbane but looking ahead, Sydney will be a key strategic focus for us in the coming years as the environment is now much more conducive to development sites that fit our model.
“ We set out about 12 months ago to align ourselves with the Sydney market and within a short period of time we’ve established an office, acquired our first major site and have a number of other opportunities in our sights.
“ In terms of the project, at 61 levels we want to create a new icon for Parramatta, bringing a new level of luxury, service and design to the precinct along with a vibrant hospitality and wellness precinct at the ground floor.
“ In our signature style we are also exploring unique amenity opportunities including a rooftop bar and exclusive building services.
“ Parramatta really is an incredible story of transformation into Sydney’s second city, and we are excited to be playing a role in its continued evolution,” he said.
Qualitas global head of real estate and co-founder Mark Fischer said, “ We opened our Sydney office a decade ago and have continually invested in that market across our funds platform. Qualitas continues to seek investment opportunities across Sydney, and we see Paramatta as providing the perfect location for this type of mixed-use development.
“ As the precinct continues its transformation into Sydney’s second city, our partnership with GURNERTM allows us to deliver market-leading product quality across residential, retail, and commercial – including premium amenity and a rooftop facility.
“ We are excited for what we can deliver in conjunction with GURNERTM, with Paramatta being a continuation of that relationship.
“ Parramatta has shown resilience through the changing environment post pandemic and with movement of people across states and cities in Australia, this development is perfectly positioned to capture population growth in this area,” he said.