Multi-billion-dollar developer GURNER and Australian alternative real estate investment manager Qualitas submit plans for their first Build to Rent development at 12 Hassall Street, Parramatta, Sydney, which will add $450m to their expanding Build to Rent portfolio. GURNER and Qualitas are expecting planning approval in December 2022, with construction due to start in mid-2023.
Proposals for the 2,049 sqm site includes 385 apartments ranging from studios to three-bedroom apartments, which is being designed by architecture and interior design practice, PTW, after a competitive design competition that was reviewed by the NSW Design Integrity Unit.
“The past three years have seen a period of rapid growth and expansion for our development business across the eastern seaboard of Australia, as we look to capitalise on a range of opportunities in the Build to Rent space across the country. This will be our first Build to Rent asset in New South Wales (NSW), 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 five years.
“This 12 Hassall Street 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.
“Sydney and its satellite cities, including Parramatta, continue to be a key focus for us as the recent planning regulation changes and introduction of the State Significant Development (SSD) platform will pave the way for unprecedented opportunities across multiple asset classes.
“These recent regulation changes represent the shot in the arm that NSW needed to keep up with population demands, while allowing it to remain competitive in comparison to other states in terms of significant development and urban revitalisation. We are proud of the scheme we are submitting and look forward to working collaboratively and closely with the SSD committee to bring this project to life.”
Tim Gurner, Founder and Director, GURNER
The proposed 12 Hassall Street Build to Rent development is a 61-storey tower with a 15 metre-high ‘crown’ sitting atop the Parramatta skyline. The building has been designed with a ground floor plane that opens into a resident lobby, framed by approximately 4,000 sqm of commercial and retail NLA over four levels, alongside a café and co-working space. Resident amenities include a health and wellness sanctuary, gym, indoor lap pool and a rooftop pool and deck complete with lounges on level 61.
12 Hassall Street is the first Build to Rent development assessed as a State Significant Development (SSD) application under the NSW Government’s Rapid Assessment Framework.
“With the national vacancy rate running at a historical low of 1%, we continue to see enormous opportunities in the residential market and for Build to Rent. 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. 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.”
Mark Fischer, Global Head of Real Estate and Co-Founder, Qualitas
