Tim Gurner, Qualitas to deliver Parramatta build-to-rent tower GQ
Luxury developer Tim Gurner has settled on his next apartment project, this time soaring 61 storeys high in Sydney’s Parramatta.
Mr Gurner has teamed up with Qualitas to deliver a build-to-rent project on a 2049sq m site in the heart of Sydney’s second CBD, a timely project which will arrive as the government looks to develop the greater Sydney six cities plan.
Under the plan, Parramatta and Liverpool, in Sydney’s west, will become key economic centres alongside the original harbour CBD, the Central Coast, Newcastle and Wollongong.
The new joint project has been dubbed GQ.
If the plans for the GQ Parramatta tower are approved, with a decision expected by December, the tower will be built at 12 Hassal St, about 400m from Parramatta station. Some 385 apartments will range from studio to three-bedroom options, which have been designed by PTW.
In line with Mr Gurner’s usual luxe developments, the Parramatta project will be fitted with “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 lower four levels will comprise 4000sq m of commercial and retail area as well as a cafe and co-working space.
Mr Gurner said he was confident the build-to-rent market was about to take off and there would be more opportunities to deliver housing under the building style.
“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,” Mr Gurner said.
“ This will be our first build-to-rent asset in NSW and the third in our fully-funded seed portfolio.
“We are 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.”
Qualitas co-founder Mark Fischer also backed the build-to-rent model, saying the current market conditions would see more investment in such projects.
“With the national vacancy rate running at a historical low of 1 per cent, we continue to see enormous opportunities in the residential market and for build-to-rent,” Mr Fischer said.
“Parramatta provides the perfect location for this type of mixed-use development as the city continues its transformation into Sydney’s second city.”