Deicorp puts its stamp on South Sydney market with Ausgrid deal
Property developer Deicorp has swooped on one of South Sydney’s last remaining large-scale development sites in a deal worth about $180m.
The group fought off stiff opposition from rival developers for the 2.86ha site at 130 Joynton Ave in Zetland and will undertake a major mixed-use development.
The site can accommodate a 55,000sq m project, is zoned B4–mixed use and has a staggered height limit ranging from 28 metres to 50 metres.
The property was sold by Ausgrid, which occupies about nine buildings across the site used for offices, warehouses and storage spaces, while there is onsite parking and storage for vehicles of all sizes.
It was sold via Colliers’ Michael Crombie and Trent Gallagher and Knight Frank’s Tim Holtsbaum, Grant Bulpett and Anthony Pirrottina. They had billed it as one of the few development sites of its calibre and scale available in the prime and significantly under-supplied location.
Deicorp is stepping up apartment production as the industry faces a period of under-supply and the project fits with its style of train-orientated development. It picked up another Zetland site from the private Lincoln Development for $140m in 2020. It is transforming that Epsom Rd site into the Downtown precinct with the planned 437 apartments to be completed next year.
The latest site is also in the heart of Zetland near Green Square station and the Green Square retail precinct. The site benefits from seven multi-street access points and has access to the M1 motorway.
Deicorp executive manager, corporate communications, Rob Furolo, confirmed the acquisition, citing the company’s commitment to the area.
“We are delighted to have acquired what will be one of Green Square’s prime residential addresses, adjacent to Gunyama Park and Aquatic Centre and a short walk from Green Square train station and East Village Shopping Village,” he said.
Mr Furolo said the company’s latest Zetland development would incorporate a substantial park to support the City of Sydney’s revitalisation of the precinct, and create a new green space in the Green Square precinct.
“And like all of Deicorp’s projects, it will also support the principles of transit-oriented development being an easy walk to the airport line and new Metro, as well as to great shops, cafes, restaurants,” Mr Furolo said.
“We will be undertaking a design excellence process as part of our vision to bring stylish, contemporary and beautiful homes to this vibrant part of Sydney,” he said.
Deicorp is stepping up its output and is planning a landmark 55-level luxury residential and commercial building on the site of the Polding Centre in the Sydney CBD.
The Catholic Archdiocese of Sydney last year sold off the development rights to a planned apartment development on the site to Deicorp.
Deicorp is delivering about 3000 apartments in key Sydney locations and has developed projects in more than 40 suburbs.