July 17, 2026 — 5:00amCapital gainDeveloper Iwan Sunito’s $1.9 billion Five Dock dream project is a step closer to reality after gaining support from NSW government to enter the fast-track planning process.The government declared Five Dock a “state significant development” under its new Housing Delivery Authority pathway, making it one of the first major projects to enter the fast-track planning process that enables rezoning and the state significant development application to be assessed concurrently.An artist’s impression of One Global Capital’s proposed Five Dock development. The declaration is a milestone for high-profile Sunito, who has engineered a comeback three years after the collapse of Crown Group, a company he co-founded.Sunito’s company, One Global Capital, plans to deliver about 840 new homes alongside a hotel, retail and commercial spaces, and publicly accessible open space in the Spencer Street project.Iwan Sunito (left) and Koichi Takada in 2018.James AlcockFive Dock is designed by international architect Koichi Takada, who has collaborated on some of Sunito’s other residential developments: Infinity at Green Square, Arc and Skye. To get statutory approval, it will go through a 10-month assessment with a target determination date by the end of 2027, before starting construction in early 2028.Receiver saleA 17.28 hectare lot within a $200 million development site zoned for residential projects at Box Hill, in Sydney’s north-west, is being sold by receivers and managers Teneo.WST Property Group bought the 30.9 hectare property from the McCall Community Gardens Foundation in 2022 for about $200 million, but the company failed to settle on a portion at 16 Terry Road known as Lot 101.Teneo is now selling Lot 101, which has potential for about 240 residences ranging from 250 square metres to 640 sq m. It’s zoned to support a range of residential offerings, including detached dwellings, townhouses and apartments.Lot 101 sits between the Box Hill Square development, currently under construction on Terry Road, and the Carmel Village Shopping Centre. Box Hill Square is a major $600 million mixed-use town centre expected to open in 2028.The sales campaign is being run by Knight Frank’s Mark Litwin and Jeff Moxham.Revenue relocatingAustralian Parking and Revenue Control has paid $4 million for an industrial property in Sydney’s north. The price equates to a record land rate for the area of $2152 a sq m.The revenue firm, which provides infrastructure to local councils, swooped on the 800 sq m warehouse at 19-21 Leighton Place, Hornsby, so it can relocate from western Sydney and be closer to home. The off-market transaction was negotiated by Colliers’ John Carney.Meanwhile, a private investor paid $8.805 million for another industrial site in western Sydney.The 4062 sq m industrial site at 46 Huntingwood Drive, Huntingwood, sold at per sq m rate of $2167 and attracted 33 bids, according to Colliers’ Angus Urquhart, Nick Ward, Josh Gerges and Harrison Jones.Bank saleThe Community First Bank has put its long-held western Sydney head office on the market for the first time in more than 38 years as it prepares to relocate to new premises.The Community First Bank has put its long-held Western Sydney head office on the market. The three-level office at 67-73 St Hilliers Road in Auburn was built in the 1970s. It has 3720 sq m of lettable area and includes a large auditorium able to seat 150 people, complete with a stage and sound room.Former bank branches can fetch high prices. A Commonwealth Bank branch at 38 John Street in Cabramatta sold for $31.3 million in September 2025 to Everlong Dynamics.No price guide was given for the Community Bank by CBRE’s Robert Dowdy who has the listing.carolynannecummins@gmail.comThe Market Recap newsletter is a wrap of the day’s trading. Get it each weekday afternoon.More:Commercial real estateFor subscribersLeasingSalesArchitectureCommercial architectureFrom our partners