- The 12 Hassall Street project will be the duo's first such development in Sydney
- Set to be home to 385 apartments
- Planning approval is expected by December this year, with construction scheduled for mid-2023
Multi-billion-dollar developer Gurner and alternative real estate investment manager Qualitas have submitted plans for their first build-to-rent development in Sydney.
The project at 12 Hassall Street, Parramatta, will add $450 million to their expanding CQ BTR portfolio.
A plan for 385 apartments on the 2,049 sqm site has been submitted, offering a diverse product mix from studios to three-bedroom apartments. These will be designed by internationally renowned architecture and interior design practice PTW following a competitive design competition that was reviewed by the NSW Design Integrity Unit.
The tower itself is 61-storeys high, with a 15 metre ‘crown’ sitting on top.
Along with the apartments, the building will be home to 4,000 sqm of commercial and retail net leasable area over four levels, along with the café and co-working space.
Residents will have access to a range of amenities such as a health and wellness sanctuary, indoor lap pool, gym and a sky-high rooftop pool with sunken lounges.
The project is the first build-to-rent development to have been assessed as a State Significant Development (SSD) application under the NSW government’s rapid assessment framework.
Gurner founder Tim Gurner said the past three years had seen rapid growth and expansion for their development businesses as build-to-rent opportunities have been capitalised.
“This will be our first Build to Rent asset in New South Wales and the third in our fully-funded seed portfolio. We are astutely focused on NSW into the future and our aim is to grow a similar sized portfolio and team to our Melbourne office within the next 5 years.
“This project will be a new beacon for Parramatta and bring a new level of luxury and exceptional service to the rental market that is unmatched throughout Sydney.
“NSW is in critical need of quality rental stock, so we are confident in the Build to Rent model as a means of delivering this urgent stock to one of Australia’s most powerful rental markets.”
Tim Gurner
Mark Fischer, Qualitas global head of real estate and co-founder, noted that with a vacancy rate south of 1%, significant opportunities are available in the build to rent market.
“Parramatta provides the perfect location for this type of mixed-use development as the city continues its transformation into Sydney’s second city.”
“Driven by long-term supply shortage, we expect to see more demand for multi-dwelling residential assets, and we are excited for what the Qualitas and Gurner platform can deliver, with Paramatta being our first Build to Rent project in Sydney.
Mark Fischer
“The GQ development in Parramatta will be perfectly positioned to capture population growth and local demand for market-leading residential and mixed-use amenities.
“Recent changes in global markets with a backdrop of rising interest rates and increasing inflation has driven renewed interest from our investor base to support the GQ platform.
“We see a multi-decade opportunity in the Build to Rent sector and expect this to accelerate during current market conditions, which is being recognised with significant pools of global capital engaging with GQ – one of the few Build to Rent groups that has executed in the space with a clear strategy and value proposition.”
Planning approval is expected during December, with construction due to commence in the middle of next year.
