Property sector heavyweight Deicorp has lifted the cover on a 1185-apartment scheme aimed at making a dint in the undersupplied housing market in Sydney’s inner west.
The prolific Sydney builder-developer has submitted plans for the six-building scheme to the City of Canada Bay Council as part of its Kings Bay Village project, which will also offer 2290sq m of public park and 14,700sq m of commercial and retail space.
The project is slated for 129-155 Parramatta Road and 53-75 Queens Road, Five Dock, 9.5km west of the Sydney CBD.
Deicorp acquired the site in 2023 for $260 million in one of the largest sales of the year after the site was amalgamated over two decades by the Dodara and Drivas families.
The developer is heralding it as the first major urban renewal project in support of the NSW Government’s vision to revitalise the Parramatta Road Corridor.
Architectural practice Turner designed the mixed-use project, which will be considered a State Significant Development, close to the future Five Dock Metro station on the Sydney West Metro line, which will reportedly double rail capacity between Parramatta and the Sydney CBD.
Construction of the station is under way with major excavations completed.
It will contribute to plans that target 5000 new homes at Canada Bay by 2029—the Deicorp project will meet more than 23 per cent of that total.
Of the apartments, 219 will be affordable.
The buildings on the 3ha site between Parramatta Road, William Street and Queens Road will include mid and highrise, and will hold views to Kings Bay, Iron Cove and the Sydney CBD.
Deicorp chairman Fouad Deiri said that the “transformational” project would deliver a significant amount of key-worker accommodation.
“In addition to creating much-needed housing supply, our proposal seeks to transform this industrial area into a thriving community with green corridors linking to the Parramatta River, a public park, an outdoor plaza and a pedestrian-centric town centre,” he said.
Deicorp’s apartment development strategy in Sydney has been aggressive, flying in the face of headwinds impacting many developers.
This calendar year it has filed plans for 574 Zetland apartments, added five storeys to a Crows Nest project and another 10 to its Rhodes apartment plans, as well as lodging proposals for 180 apartments at Macquarie Park.
