Thirdi ‘Slingshots’ to Record Year


Sydney-based Thirdi Group is preparing to launch new projects after achieving a record year in the midst of the pandemic and creating a $2 billion-plus development pipeline.

The property development and investment company is one of the fastest growing firms in the country, gaining a spate of approvals in the past 12 months including commercial buildings and retirement resorts.

Thirdi Group co-founder Luke Berry joins The Urban Developer’s In Conversation series next Thursday 4 March.

The group cut its teeth on large scale residential developments but has since diversified into office, industrial, seniors living and housing for young people with disabilities.

Berry said Thirdi acquired a lot of quality sites during the pandemic and decided to keep pushing forward, getting planning under way.

“We decided very early that we weren’t going to change our view on our acquisition strategy and our delivery, our projects kept going and we navigated through Covid and had a record year,” Berry said.

“We are now in a slingshot environment where the stuff that we worked on during Covid with a fair bit of risk, is the reward paying off now.

“We didn’t wait to lodge development applications, we didn’t wait to start construction and now we are in much better shape then we would have been if we decided to wait and ride-it-out.”

A mid-size composite picture of Thirdi Group's current projects including the Paragon of Pyrmont a inner-city Nortic style building, the red-brick and rounded Kurraba Residences and the Merewether Residences multiple apartments alongside a golf course.
▲ Some of Thirdi Group's current projects include the Paragon of Pyrmont, Kurraba Residences and the Merewether Residences.

Berry said they have an exciting pipeline of projects targeting downsizers with resort-based retirement living.

“I think retirement living is going to change dramatically in the next five years,” Berry said.

“The generation going into retirement are challenging the status quo.

“Their expectation, level of finish and design is completely different to the generation before them and they are quite a discerning buyer.”

Thirdi recently gained approval for an $120 million golf-side retirement resort in Newcastle as well as a $300 million North Sydney office building.

The group has seen a lot of changes over the years including a diversification strategy about four years ago which has paid off.

“We always dreamt about getting to this scale and it doesn’t feel like nearly 15 years, it feels like only yesterday we were starting out with a laptop and a couple of internet dongles,” Berry said.

“We’ve still got a long way to go, even though we have $2 billion in projects.

“We’re very excited about where we are taking the business an have some big things to announce later this year.”

To learn more about the Thirdi story, development pipeline and outlook join the In Conversation webinar on Thursday 4 March here.

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