Twynam Billionaire Plots Build-to-Rent in Highrise Hotspot

Agribusiness and property tycoon John Kahlbetzer’s Twynam Investments has put forward concept plans for a build-to-rent project on a significant corner site at St Leonards.

Development arm Jemalong Property Group’s original plans for a 32-storey apartment building were abandoned in favour of a potential 29-storey build-to-rent tower with up to 276 apartments on the site at 46-52 Nicholson Street and 59-67 Christie Street at St Leonards, Sydney.

It would be the developer’s first foray into the build-to-rent space, and a first for the burgeoning suburb.

Six commercial buildings of two to four storeys would be demolished to make way for the build-to-rent tower in concept plans designed by Cox Architecture.

Kahlbetzer acquired the site for $7.48 million in 2019.

According to planning documents filed as a State Signficant Development with the NSW government, the concept plan is for a building envelope with a maximum height of 29 storeys and a gross floor area of about 34,500sq m and a mix of build-to-rent, commercial and retail.

The site’s planning controls were amended in 2021 to allow for greater density under the St Leonard’s Crows Nest 2036 Plan, which accommodates 6680 new homes and 16,500 new jobs in the region.

“St Leonards and Crows Nest represents a key opportunity to deliver build-to-rent housing given its accessible location and improvements to active and public transport links with the introduction of the Crows Nest Metro Station,” the report said.

▲ Earlier plans for a commercial building on the triangular corner block were abandoned to pursue a mixed-use build-to-rent development on the site.

“Built-to-rent housing has the potential to deliver key public benefits for the community, including greater housing choice in a stable-rental environment, which can result in more established residents actively participating in the community.”

While early in its inception the build-to-rent offering would be the first of its kind in the St Leonards area, which is undergoing rapid transformation with high-rise developments cropping up across the suburb.

Top Spring Australia recently announced it would soon be breaking ground on its $500-million 1.26ha five-tower community at St Leonard’s, while the Crows Nest Metro station is expected to be operational from 2024.

Twynam Agriculture Group was one of Australia’s biggest owners and operators of farming land, but under John Kahlbetzer’s sons, Markus and Johnny, the business has diversified into venture capital and property development.

Jemalong Property Group has greenfield developments at Branxton and Nowra, and a high density project in the Maroochydore CBD. It also has its own construction business based in Queensland.