- The project is the first to be approved through the new NSW build-to-rent acceleration pathway
- It brings 391 residences across 61 storeys to the market
- The Parramatta project includes 4,000sqm of commercial and retail space
Multi-billion-dollar developer Gurner and alternative real estate investment manager Qualitas have received fast tracked approval to proceed with a $450 million mixed-use tower in Parramatta.
The project brings 391 residences across 61 storeys to the market as the pair’s first build-to-rent development in Sydney.
The project plans lodged in mid-2022, are the first to receive the green light from the NSW Government through the new Build-to-Rent State Significant Acceleration pathway.
Gurner founder and director, Tim Gurner said he is incredibly proud to have achieved planning approval.
“We are glad that the project’s many benefits, which 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.”
Tim Gurner, Gurner founder and director
“Without a large increase in supply in the coming years Australian rents and property prices are likely to continue soaring to new levels,” Mr Gurner said.
Qualitas global head of real estate and co-founder Mark Fischer sees build-to-rent as 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,” Mr Fischer said.
In addition to the residential units, the Parramatta project includes 4,000sqm of commercial and retail space, which will deliver industry-leading amenities
to residents as well as the broader community.
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.
“We are strong believers in the huge change occurring in Parramatta, and look forward to adding to the precinct in a positive way,” Mr Gurner said.
Work is expected to commence on-site in Q3 2023.
