One Global Capital has secured a major planning milestone for its landmark Five Dock development, with the NSW government declaring the Spencer Street proposal State Significant Development under the new Housing Delivery Authority pathway, fast-tracking one of the Inner West’s largest proposed mixed-use housing developments.
The declaration allows the proposed $1.9 billion mixed-use precinct to progress through a streamlined state-led planning process, enabling rezoning and the State Significant Development Application to be assessed concurrently.
The pathway also creates the opportunity to increase the site’s practical development capacity to approximately 80,500 square metres at a 5.7:1 Floor Space Ratio, supporting one of the largest mixed-use housing projects in Sydney’s Inner West.
Located on the 1.4 hectare Spencer Street site, the proposed development will deliver approximately 840 new apartments alongside hotel accommodation, commercial and retail space, and publicly accessible open space, creating a vibrant new destination for Five Dock.
The milestone comes just six months after property entrepreneur Iwan Sunito, Chairman and Group CEO of One Global Capital, secured control of the site, highlighting the pace at which the project has advanced through planning.
“This is a significant milestone for One Global Capital and for the future of housing delivery in Sydney,” said Sunito.
“The Housing Delivery Authority was established to identify major housing projects capable of delivering meaningful supply more efficiently, and we are delighted that Spencer Street has been recognised as one of those projects.”
He said the declaration reflected the rapid progress achieved since acquiring control of the site.
“In less than seven months we have progressed from taking control of the site to securing entry into one of the NSW government’s most important planning pathways,” said Sunito.
“It reflects the experience of our team, the strength of our consultant group led by Urbis, and our long-term commitment to delivering transformational projects that contribute to Sydney’s future.”
Designed by internationally acclaimed architect Koichi Takada, the proposal reunites one of Australia’s most recognised developer-architect partnerships and represents one of the most significant urban renewal opportunities to emerge alongside the Sydney Metro West corridor.
Sunito and Takada previously collaborated on several of Sydney’s landmark residential developments, including Infinity at Green Square, Arc and Skye.
The Spencer Street project marks the next chapter in a design partnership spanning more than a decade.
“Five Dock is entering a new era of growth, and we see an opportunity to create a precinct that responds to the area’s future while respecting its established character,” he said.
“Working with Koichi Takada once again allows us to combine world-class architecture with the delivery of much-needed housing.
“Our vision extends beyond apartments, we want to create a connected mixed-use precinct where people can live, work, stay and gather – one that becomes a defining gateway to Five Dock for generations to come.”
The Housing Delivery Authority pathway has been established by the NSW government to accelerate major housing developments, providing a more efficient assessment process for projects capable of delivering substantial new housing supply.
It was created to prevent planning delays and identify projects with the scale and readiness to make a meaningful contribution to the state’s housing task, offering developers a faster route through government approval while still requiring rigorous assessment.
Following the declaration, the Spencer Street proposal will proceed through the State Significant Development assessment process.
This will include detailed environmental studies, consultation with relevant agencies, further design refinement and a period of public exhibition, giving the community and stakeholders the opportunity to review and respond to the proposal before a final determination is made.
Subject to statutory approvals, the project is expected to progress through an assessment period of approximately ten months, with a target determination by the end of 2027.
Construction is anticipated to commence in early 2028, positioning Spencer Street as one of the flagship projects to emerge from the Housing Delivery Authority’s fast-tracked pipeline.
The scale of the proposal, combined with its position along the Sydney Metro West corridor, underscores the significance of the site for the broader Five Dock area.
With apartments, hotel accommodation, commercial space and public open space all forming part of the plan, the precinct is being positioned not simply as a housing project but as a new hub for the suburb, one intended to bring long-term economic and social benefit while addressing pressing housing supply needs across Sydney’s Inner West.
As the assessment process gets underway, attention will now turn to how the design evolves through consultation, and how closely the final proposal aligns with the ambitions set out by One Global Capital and its project partners.
