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GURNER™s $35 million "Spanish Club Residences" project reaches 100 percent sold in only three hours

Property Markets / Transactions

Australia / Melbourne

May 03 2018

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Luxury property developer GURNER™ has witnessed an unprecedented sell-out success at its latest project, the Spanish Club Residences, where all 32-apartments worth a combined $35m sold in just three hours.

The project is located on the site of Johnston Street’s much-loved Spanish Club Hogar Español, incorporating the original heritage façade into the design, and delivering the club a much-needed new clubhouse as well as a Spanish bar and restaurant on the ground level. 

The project officially launched to the market on Saturday 21 April after garnering a database of over 150 registered parties in only a few weeks, and subsequently sold all 32 apartments in a matter of just three hours. 

Developer Tim Gurner said the project embraced what the brand is about by always pushing the boundaries to ensure each project delivers a real point of difference for its clients, incorporating strong Spanish themes into the apartments in the form of bright patterned Spanish ceramic tiles, Spanish-inspired fittings and lighting and intricate ironwork throughout. 

“The Spanish Club is a vital part of Fitzroy’s heritage so we wanted to ensure we did the Club justice by delivering something truly special. The market has embraced the project and it is very humbling to see all our hard work pay off. 

“We had a huge database of interested purchasers, including a lot of past purchasers, which far exceeded the number of residences within the building. Once we released the launch date to this database the response was insane – we really could have sold the project five times over. 

“All buyers were local with the vast majority being owner occupiers, all of which had been following our brand and the Spanish Club journey for some time. 

“While the media loves to talk down the market, the fundamentals are incredibly strong - we are simply not building enough housing to cater for our ever-growing population and until we see a major increase in supply or a huge drop in immigration, we are only going to see the market continue to grow and expand. 

“We will be commencing construction in the coming months with completion likely in late 2019, he said. 

The sell-out success of the Spanish Club Residences has now pushed the developer to bring forward the impending launch of its $350m Wellington Street project, with the first stage set to launch in mid to late 2018.
 

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