Billbergia: The suburb-creating developer expanding its horizons
It's always quite fascinating talking to developers. No two conversations are ever the same.
They've all got a different story, a varying level of experience and completed development pipeline. Most importantly, every developer has a different way of doing things, from how they identify development sites to what type of product they develop.
Established Sydney property developer Billbergia found where they would sit in the Sydney off the plan apartment market in the mid 1990s, after starting life in 1988 as a civil contracting company before focusing on townhouses and low-density apartment development.
The strategy was a simple but effective one, and it was a strategy that relied heavily on location.
They doubled down on the waterfront, where they've in essence created whole suburbs. While the strategy has evolved in recent years to create communities around strong transport links in the likes of Lidcombe, Arncliffe and West Ryde, waterside suburbs are where the developer is still where the action is.
Speaking recently to Joseph Kinsella, third generation Kinsella who is the group Director, it was clear Billbergia knew what type of apartment developer they would become right from the outset.
"Dad [Billbergia Founder John Kinsella AM] saw an opportunity to acquire and amalgamate areas near both water and transport and took ownership of large sites in Meadowbank, Rhodes, Wentworth Point and Camelia.
"History has always turned its back to the water. It's where industrial precincts were located and where unloading and loading were the main activity. But the natural transition, as Sydney's gentrified and come out of the industrial era, these locations are at a premium," Kinsella says.
Billbergia completed their Meadowbank precinct, Waterpoint Shepherds Bay complex where the family office is located, over a decade ago, and with it between 800 and 1000 apartments.
Meadowbank is located just across the Parramatta River from Rhodes and Wentworth Point, where Billbergia is still developing. They've been developing in Wentworth Point almost as long as the suburb has existed. Previously part of Homebush Bay West, it was only 2009 when Wentworth Point became its own suburb.
"Construction in Wentworth Point started in around 2010, but the visioning of the project happened long before that," Kinsella said.
"There were mostly just four to eight-level apartment projects, no real town centre, no schools, and not much opportunity for pedestrian activity or transport.
"Fast forward 12 years and there's a thriving community with a vibrant town centre, around 3,000 apartments, and transport in and out of the suburb, both by bus, car, and the now famous public transit and active transport Bennelong Bridge.
Billbergia has just unveiled updated plans for its Bennelong Cove project, the final stage of the multi-national award-winning 11-hectare master-planned community at Wentworth Point in Sydney’s inner-west.
The proposal also incorporates a waterfront promenade with amphitheatre, restaurants, cafes and a registered club and pub to activate the foreshore promenade with a major 16,000 sqm new park in the heart of the town centre. It’s accompanied by $70 million in new community and social infrastructure, a $36 million multi-purpose indoor and outdoor sports and recreation centre with outdoor courts, as well as two childcare centres.
Read more: Billbergia unveils updated plans for Bennelong Cove, Wentworth Point masterplan
Over in Rhodes, accessed by Bennelong Bridge from Wentworth Point over Parramatta River which Billbergia developed, Kinsella says they've seen a number of different markets and cycles over the 15 years they've been developing in the suburb.
"The unit mix back in the early 2010's was typically more investor focused, ones and two-beds mainly. You couldn't sell a three-bed apartment 15 years ago," Kinsella said.
"Now there's more infrastructure, a primary school and construction nearing completion for a new high school, the suburb has transitioned from investor friendly to owner-occupier. Everything is two and three-bedrooms with some family four-bedders.
"Owner-occupiers are seeing a suburb which is more appealing, affordable and lower maintenance home for family living compared to the traditional family home which is now out of reach for so many in a quality suburb. There's everyone from families to young professionals who both Rhodes and Wentworth Point are appealing to."
Kinsella says there are two halves to Rhodes, the east and the west, with the train station as the centrepoint.
"The west side is where the majority of rezoning happened in the early 2000s, and that's all but delivered. We recently completed the Super neighbourhood shopping centre Rhodes Central, adjacent to the train station entry on the west side. That's really the hub of the suburb for shopping."
Billbergia is currently developing stages two and three of Rhodes Central, two apartment towers with a community recreation centre on three levels in the podium. The two towers, with 674 apartments, will be the second to last piece in that precinct, with Billbergia currently in discussions with council about providing additional infrastructure to the suburb with the possibility of a bus interchange adjoining the train station.
In October Billbergia submitted plans for a 37-level, 244-apartment tower at 9-13 Blaxland Road, Rhodes.
The proposed new sustainable tower features a striking slender form designed by architects GroupGSA in collaboration with Singaporean landscape studio Salad Dressing - whose exterior design concept earned them first place in a design excellence competition for the site.
Aligned with the principles of the 2021 Rhodes Place Strategy, the proposed new tower sits within the Rhodes Station Gateway East precinct that was rezoned by NSW State Government in 2021 following extensive community consultation.
Read more: Billbergia file for sustainable Rhodes apartment development
While continuing their strong foothold in Wentworth Point and Rhodes, Billbergia has branched out over recent years.
They have Arncliffe Central, a multi-stage development near the Sydney Airport and the first masterplanned community of its scale in Arncliffe.
In partnership with the NSW Government Land and Housing Corporation and community housing provider Evolve Housing, Arncliffe Central will deliver four towers with over 800 apartments above a retail podium, as well as parklands, a brand-new community centre, childcare facility, full-line supermarket with supporting retail, and an ‘eat street’ restaurant and café precinct on the 1.3-hectare site.
They also have just completed four towers at Lidcombe Rise adjacent to the Station, providing 41 per cent social and affordable housing, and three apartment towers at The Parade in West Ryde, next to the West Ryde Train Station.
Billbergia is widening its net once again, not only to a new suburb, but a whole new area with their latest plans, a two-tower, work-from-home focused development in Chatswood.
The PBD Architects-designed towers at 8 Wilson Street, which will be the developers first foray into the North Shore market, will be connected by a podium with retail, commercial showrooms, and flexible SOHO style live/work offerings.
The two 27-level towers will have 251 apartments.
Read more: Billbergia focus on hybrid, remote working at new Chatswood apartment development
To highlight Billbergia's long standing in the Sydney off the plan apartment market, they were one of the first developers to work directly with Building Commissioner David Chandler OAM before highly anticipated iCIRT rating system was in place.
"We were one of the industry leaders who worked hand in hand to put the iCIRT rating system together, and we were one of the first to achieve the rating," Kinsella said, adding that the system is starting to make an impact.
"Initially the rating system was a bit slow until it got consumer recognition, but it's starting to get there," Kinsella said.
"It can be more of a marketing push for more and more developers, but ultimately from a consumer point of view, if you're set on a suburb and you see one developers project with it and another without it, people will naturally start gravitating to those developers."
On the outlook of the Sydney off the plan apartment market in 2024, Kinsella said there's a lot of demand drivers which will point to growth.
"Migration is there and there's growing demand, while supply is quite constrained due to planning, and even when supply is available, many projects still aren't feasible.
"Prices need to catch up, and off the plan apartment prices will have to go up for buildings to be developed."
