Near Sydney’s second central business district, developers Gurner and Qualitas are planning an AU$450-million (US$325-million) residential project with 385 apartments across 61 levels, a rooftop bar, and 4,000 square meters of retail and commercial space.
The partnership acquired the former Parramatta PCYC at 12 Hassall Street for about AU$70 million (US$51 million), taking over from Toplace and building on the developer’s 2017 plans for the site. Toplace originally had plans for a 61-story development with a four-story podium.
Demolition of the existing building on the 2,049-square-meter space was approved in 2017 in anticipation of a new development.
Gurner director Tim Gurner said this project would be the first of many as they looked to grow their build-to-sell and build-to-rent portfolio in Sydney and wider NSW. In late 2020 Qualitas committed up to $150 million in equity for Gurner to buy new assets with the parties splitting the development profits equally.
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