This article was published by australianpropertyjournal.com.au on 13 July 2020. Written by Liz Jordan
DEICORP has received approval for a $920 million pipeline of projects, which will bring about 1,300 apartments to sites near train stations in Castle Hill, Petersham, Rockdale and Rouse Hill.
The developer recently lodged plans with Blacktown Council for a residential and retail precinct at Tallawong station, featuring 16 mid and high rise buildings with nearly 1,000 new homes and 9,000 sqm of commercial space.
The newly approved developments are expected to support more than 3,000 jobs over the next 24 months.
Fouad Deiri, Deicorp’s managing director, said finance had been secured from non bank corporate lender Metrics Credit Partners, and construction started on all four sites that are “consistent with its philosophy of transit-oriented development”.
In the north western suburbs, the Castle Hill site includes 272 units within 200 metres of the new Showground Metro station, while the Proximity project further out in Rouse Hill comprises 375 apartments with retail and commercial space across six buildings.
The Alfarn development in the southern suburb of Rockdale, where stage one has already been completed, is a mixed use project with 382 apartments with 1,900 sqm of retail space across three buildings.
The Petersham project, named ‘The Siding’, in the inner west includes a 3,500 sqm state of the art home for the Petersham RSL Club, and over 357 apartments across three buildings. Works for the site have commenced and estimated completion is March 2022.
“While many other developers are slowing down or suspending future projects, we’ve decided to keep moving forward,” Deiri said.
“Construction, and the jobs it creates are a major driver of the economy. If we want to protect employment and rebuild our economy, we need projects like these.
Andrew Lockhart, managing partner at Metrics, said, “Having already worked with Deicorp for many years, we are pleased to finance all four of these projects”.