Sydney’s urban landscape is set for a major transformation with the announcement of a $1.8 billion joint venture between Metrics Credit Partners (Metrics) and developer Deicorp to deliver the Kings Bay Village project in Five Dock.
The State Significant Development will redevelop underutilised land at 129-154 Parramatta Road into a mixed-use precinct, featuring 1,185 new homes — including 218 designated as affordable housing for essential workers — alongside 6,500 square metres of public open space, and 14,700 square metres of retail and commercial offerings.
Early works are scheduled to commence in September following settlement of the three-hectare site, with the development expected to take approximately 40 months to complete.
The partnership adds to an established relationship between Metrics and Deicorp, who have now collaborated on 12 Sydney-based projects across Castle Hill, Rouse Hill, Petersham and Rockdale.
Metrics CEO and Managing Partner Andrew Lockhart emphasised the importance of the project in addressing Sydney’s housing and infrastructure needs.
“Metrics and Deicorp share a proven track record of delivering high-impact projects that align closely with state and federal government housing and infrastructure priorities,” he said.
“Kings Bay Village marks our most significant Sydney development to date, offering quality homes, essential infrastructure, and dynamic public spaces.”
“For Metrics, this project reflects our ongoing commitment to creating value by supporting economic growth, job creation, and delivering excellent outcomes for our investors.”
Deicorp Chairman Fouad Deiri OAM said the partnership underscored the companies’ shared vision for long-term community benefits.
“This partnership brings together two organisations with deep experience and a common vision — to deliver housing where it’s needed most, supported by infrastructure, public space and long-term value for the community.”
“We are grateful to have Kings Bay Village endorsed as a State Significant Development and acknowledge the important planning reforms in New South Wales that have made this project possible,” he said.
Located just minutes from the future Five Dock Metro Station, Kings Bay Village is the first major urban renewal project to support the NSW government and City of Canada Bay Council’s vision for the Parramatta Road Corridor.
Once delivered, it will contribute more than 23 per cent of the Council’s 2029 housing target of 5,000 new homes.
In addition, Deicorp has committed more than $80 million toward local infrastructure upgrades, including over $10 million in public domain works.
This will deliver new pedestrian laneways, an activated streetscape, and a 2,290-square-metre landscaped park and civic plaza designed to serve as the social hub of the new community.
