Fast track then green light for 1200-home project in inner-west Sydney

The ambitious project is also a beneficiary of NSW’s state significant development process, through which the state government can streamline approvals for major housing projects, skirting local councils’ sometimes lengthy planning processes.

The Minns government has made speedier approvals for big projects its signature policy as the state pushes to cut through planning red tape and NIMBYism to deliver sorely needed housing supply.

Other reforms to accelerate residential development include a low- and mid-rise housing policy, paving the way for high-density projects as well as an online league table which shows local councils’ success rates in approving new homes.

In one swoop, the Parramatta Road project will deliver 23 per cent of the Canada Bay Council’s target of 5000 new homes over the next five years. NSW has a target of constructing 322,000 dwellings, its share of the federal government’s goal of 1.2 million new homes to be built by the middle of 2029. Individual councils have targets within that state’s goal.

The Deicorp project is being developed on a large industrial site at 129-154 Parramatta Road. The Kings Bay Village, as it is called, will deliver 1185 new homes, including 218 affordable dwellings for essential workers.

Another 14,700 square metres of retail and commercial space and 6500 square metres of public open space are planned for the new precinct as well. A Five Dock Metro station is scheduled to open in 2032.

“We’re proud to be the first major development to support the NSW Government and City of Canada Bay’s vision for the Parramatta Road Corridor,” Deicorp chairman Fouad Deiri said.

“By delivering new parks, pedestrian links and plazas, we will create lasting value not just for residents, but for the entire Five Dock community.”

On Tuesday, the state government announced that another 21 projects will be dealt with through the state significant development process – potentially unlocking nearly 6000 more homes across if approved.

After the Five Dock development was first announced, the local community flagged concerns over building height, overshadowing and traffic congestion. The Inner West Council and the City of Canada Bay also raised objections.

The Inner West Council’s complaint was that the suburb of Croydon nearby would be adversely affected by the massive project, while the City of Canada Bay was concerned about the designs of public spaces, landscaping, traffic congestion and stormwater connections, The Sydney Morning Herald reported.

In December last year, one resident of Kings Bay Estate – located about 300 metres from the Kings Bay Village site – said in a letter that the development would have “many irreversible negative impacts” on the estate’s residents and neighbouring properties if it proceeded as proposed.

Towers are proposed to be built in the Kings Bay Village, with the tallest of them at 31 storeys high. Additional building height of 30 per cent and gross floor area have been applied for to provide the 15 per cent affordable housing component.

It also the first major project to be endorsed in the state government’s Parramatta Road Corridor plan – a 30-year ambition to revitalise the area from Granville to Camperdown, increasing housing, improving public spaces and enhancing transport.

Robert Furolo, corporate communications executive manager at Deicorp, said the median house price in Five Dock was $2.7 million and had increased by nearly 6 per cent in the last 12 months.

“For many young families who have grown up in this area and want to stay close to their community, buying a traditional house is almost impossible,” he told the Financial Review.

“Projects like Kings Bay Village will make it easier to buy a beautiful new home in this popular part of Sydney.

“We’ve also worked with Canada Bay Council to respond to their concerns and have reached an agreement on a voluntary planning agreement that will see nearly $10 million of local works being delivered as part of the project,” he said.

Deicorp will also contribute more than $80 million in local infrastructure upgrades, including $22.2 million to improvements and $38.2 million for the purchase of affordable housing for key workers to the council, as well as $9.5 million for public amenities and $10.4 million for state infrastructure.