"A city within a city": Iwan Sunito flags $1.5 billion mixed-use precinct in Five Dock

One Global Capital, a Sydney-based global property development and investment firm, is set to transform a 1.4-hectare site in Five Dock into a $1.5 billion mixed-use precinct.

The integrated precinct is planned to include 750 apartments across five residential towers, a 150-key hotel, around 10,000 sqm of retail and lifestyle space, as well as health and wellness facilities, extensive landscaped open space, and community amenities.

Planning approval submission is targeted for June 2026.

One Global Capital Founder Iwan Sunito told Apartments.com.au that the Five Dock site, which he has owned for over two decades, is one of the best he's ever had.

"I probably hadn't appreciated the uniqueness of the site until more recently when putting together the concept plans," Sunito says.

"The proximity to the water, and the golf course opposite, is unlike any other part of Parramatta Road. We have a unique position and view corridors over the water that makes this one of the best sites I've worked on."

Sunito said he wants to create a "city within a city", designing a multi-cultural precinct with the convenience of retail and public space at the forefront.

"We want to create a development that's not only to be seen, but to be experienced by the whole local community."

He adds that the Five Dock is emerging into a "really solid suburb", with the growth in the area continuing to be supported by rising residential values across the Canada Bay and Leichhardt local government areas, driven by major infrastructure investment and enhanced transport connectivity. 

The new precinct will benefit from close proximity to a key transport network, including the Five Dock Metro Station, located approximately 1.1 kilometres from the site. The new Burwood Metro stop will be just 800m.

The project marks a renewed collaboration between Sunito and internationally acclaimed architect Koichi Takada, the creative partnership behind some of Sydney’s most recognisable residential landmarks,  including Infinity, Arc, and Skye North Sydney. 

“The concept for this development is born from our design approach to naturalising architecture," Koichi Takada said.

"The public realm benefits from biophilic design that integrates generous landscaping, and the development is optimised  for natural daylight, airflow and water views to foster wellbeing, sustainability and spaces that foster community interaction."

A key feature of the mixed-use development will be a lifestyle retail precinct, offering shopping and dining  experiences - including a proposed state-of-the-art car showroom - as well as communal spaces for community  use. Veteran retail and commercial property practitioner, Simon McTigue, has been engaged to consult on the  delivery and leasing of the retail precinct, having previously worked on notable mixed-use projects such as East  Village Shopping Centre in Zetland and South Village Shopping Centre Kirrawee, as well as other projects with  Iwan Sunito in Green Square and Parramatta, to name a few. 

“The Five Dock site offers a unique opportunity for retailers, conveniently located within easy walking distance  of the metro station. On completion, the integrated precinct will provide the community with a new Inner West  town centre, offering daily convenience via a proposed large format supermarket and fresh food precinct, as well  as a restaurant and café district situated alongside key services such as a medical and health centre. It will be a  place to live, work and play,” said Simon McTigue, Director of Wallaringa Consulting. 

Samuel Sunito, Director of Capital at One Global Capital, confirmed strong inbound interest from both domestic and global investors seeking co-investment opportunities in the project. “We are currently engaging with  investors both locally but also globally from Indonesia, the United States, China, Singapore, Vietnam, and Dubai  to ensure alignment of vision and long-term value creation,” he said. 

Investment participation will remain open until approximately Q2 2026, with equity allocations managed selectively. 

“Equity available to the broader market will be limited, with priority given to long-standing capital partners. In terms of One Global Capital’s investment philosophy, we will continue to retain majority ownership, ensuring  strong alignment of interests and preserving the long-term integrity of the project for all stakeholders,” Samuel  said.