Multi-billion-dollar developer GURNERTM and leading Australian alternative real estate investment manager Qualitas have submitted plans for their first Build to Rent development in Sydney, at 12 Hassall Street Parramatta, that will add $450million to their rapidly expanding GQ BTR portfolio.

The 2,049sqm site is being submitted for 385 apartments across a diverse product mix ranging from studios to three-bedroom apartments, and is being designed by internationally renowned architecture and interior design practice, PTW after a competitive design competition that was reviewed by the NSW Design Integrity Unit.

The building’s form has been imagined as a striking 61-storey tower with a 15 metre-high ‘crown’ sitting proudly atop the Parramatta skyline.

The building has been designed with an inviting ground floor plane that opens into a welcoming resident lobby framed by approximately 4,000sqm of commercial and retail NLA over four levels, alongside a café and co-working space.

Throughout the building, a substantial focus on luxury resident amenities and services will allow the GQ platform to deliver its signature amenity experience that will be unrivalled in Parramatta.

These amenities include a health and wellness sanctuary, gym, indoor lap pool and an expansive, sky-high rooftop pool and deck complete with sunken lounges on level 61.

The project is the first Build to Rent development assessed as a State Significant Development (SSD) application under the NSW Government’s Rapid Assessment Framework.

GURNERTM founder and director, Tim Gurner said, “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 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,” Gurner said.

“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 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 in order 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,” he said.

Qualitas global head of real estate and co-founder Mark Fischer said, “With the national vacancy rate running at a historical low of 1 percent, 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 GURNERTM 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.

GQ is expecting planning approval in December 22, with construction due to commence mid-2023.