The GQ Multifamily Build-to-Rent platform (GQ) – a joint venture by GURNER™ and Qualitas – has achieved planning approval on its transformative $450 million precinct in Parramatta, making it the first application to be approved in New South Wales through the government’s new Build-to-Rent State Significant Acceleration pathway.
The plans were lodged in mid-2022, and ultimately it was the provision of high-amenity build-to-rent housing, greater housing diversity and far-reaching economic benefit that motivated the government to expedite the approval through its new pathway.
The project was the first build-to-rent development to be assessed and approved under the New South Wales government’s Rapid Assessment Framework.
In addition to the 4,000sqm of commercial and retail space, which will deliver industry-leading amenity to residents as well as the broader community, GQ anticipates the project will create 750 direct and indirect jobs.
The GQ platform’s intrinsic focus is on delivering world-class residences alongside communal amenities previously reserved for the world’s best hotels – Parramatta will feature a health and wellness sanctuary and gym, lap pool, co-working spaces, as well as rooftop pool/spas and amenities on the top floor.
The site area encompasses 2,049sqm, and will house 391 build-to-rent residences across 61 storeys, alongside the commercial and retail space.
With plans now approved, works are expected to commence on-site in Q3 2023.
Tim Gurner said “ We are incredibly proud to have achieved planning approval for this amazing building in Parramatta.
“We are strong believers in the huge change occurring in Parramatta, and look forward to adding to the precinct in a positive way.
“Parramatta marks the first of many projects that we’ll deliver to Sydney, as record demand and growth continue to underpin the performance of one of the strongest markets in Australia.
“We are glad that the project’s many benefits, that go beyond just what is available to residents, stood out to the New South Wales government, and that they were able to grant approval in such a short period of time.
“These sorts of planning measures that cut red tape and speed up approvals are pivotal to Australia’s capital cities as housing supply continues to be an issue – we would love to see more of these schemes implemented in other capital cities.
“Sydney, and Australia more broadly, are heading towards a material undersupply with no solution in sight. State and Federal Government must work hand in hand with the industry to work out how they deal with this ongoing crisis before affordability is out of reach to the majority.
“Without a large increase in supply in the coming years Australian rents and property prices are likely to continue soaring to new levels.
Qualitas global head of real estate and co-founder Mark Fischer said, “ Australia has one the fastest growing populations of the developed world, forecast to rise by 12.8 percent between now and 2031 and build-to-rent is a critical solution to address supply shortage.
“To be the first project approved under the government’s new Build-to-Rent State Significant Acceleration pathway is a milestone not only for the GQ platform, but also signifies the beginning of the way that programmes of this nature can assist in meeting the objectives of our big cities to house a growing population.
“Based on analysis undertaken by the GQ platform of other global real estate markets, we have long held the view that the gateway cities in Australia would benefit from having planning frameworks that encourage the timely delivery of rental housing supply.
“We commend the New South Wales government on this programme and look forward to partnering with them on solving other housing supply issues via the GQ build-to-rent platform over the coming years.”