Metrics joins Deicorp as $1.8bn Sydney apartment venture takes shape

Metrics will join Deicorp in developing Kings Bay Village in Five Dock, Sydney.

Real estate house Metrics is backing the resurgence of Sydney’s apartment market and has struck a joint venture with private operator Deicorp that will see the pair undertake a multi-tower $1.8bn development in the inner-west suburb of Five Dock.

The real estate firm is already stepping up its involvement with apartment projects with two major city complexes getting underway. It has tapped Roberts Co to work on the redevelopment of the Sir Stamford Hotel at Sydney’s Circular Quay and replace it with a luxury unit tower.

Metrics has also set up a joint venture on a multibillion-dollar luxury apartment and hotel project to be undertaken by Billbergia Group that will overlook Hyde Park in the heart of Sydney.

Those moves are a sign of Metrics’ confidence in the very top end of the apartment market. The Five Dock project is likely to be more of a middle market offer but the area is being transformed by a planned new metro station, prompting developers to push new schemes.

An artist’s impressions of Kings Bay Village in Five Dock, Sydney.

Metrics and Deicorp said they would form a joint venture on the $1.8bn precinct known as Kings Bay Village. They did not disclose the terms.

Kings Bay Village is intended to transform a parcel of under-utilised land into a mixed-use precinct comprising 1185 new units. It will include 218 affordable dwellings for essential workers, along with 6,500sq m of public open space, and 14,700sq m of retail and commercial space.

Early works are slated to kick off next month after the settlement of the three-hectare site at 129-154 Parramatta Road, which Deicorp bought for about $260m in 2023. The project will take about three and a half years to complete.

Deicorp has lodged plans for its proposed Kings Bay Village project in Sydney’s Five Dock.

Metrics has now teamed up with Deicorp on a dozen Sydney projects including in Castle Hill, Rouse Hill, Petersham and Rockdale.

Metrics chief executive Andrew Lockhart said the company was proud to support more housing and infrastructure in a key Sydney corridor.

“Metrics and Deicorp share a proven track record of delivering high-impact projects that align closely with state and federal government housing and infrastructure priorities. Kings Bay Village marks our most significant Sydney development to date, offering quality homes, essential infrastructure, and dynamic public spaces,” he said.

“For Metrics, this project reflects our ongoing commitment to creating value by supporting economic growth, job creation, and delivering excellent outcomes for our investors,” he said.

Deicorp chairman Fouad Deiri said the venture with Metrics reflected a shared commitment to thoughtfully designed housing and infrastructure outcomes in high-demand locations.

“This partnership brings together two organisations with deep experience and a common vision — to deliver housing where it’s needed most, supported by infrastructure, public space and long-term value for the community,” he said. He said that important planning reforms in NSW had made this project possible.

Kings Bay Village is the first major urban renewal project supporting the NSW government and City of Canada Bay Council’s vision for the Parramatta Road corridor. It will contribute more than 23 per cent of the council’s 2029 housing target of 5,000 new homes.