Oct 31 2018Add to Favorites
Luxury property developer, GURNER™ has received planning approval for yet another heritage project in Collingwood, as its proposal for a boutique mixed-use development at 368-374 Smith Street gets the green light after a mediation with locals and Council that saw the permit issued without a VCAT hearing.
The approval underpins GURNER™’s confidence in the local high-end apartment market, adding to the developer’s multiple other Melbourne development sites that have recently achieved planning approval and are awaiting imminent launch.
This is the developer’s 7thproject in its portfolio featuring a heritage façade in City of Yarra alone, and the 23rdbuilding Tim Gurner has developed in his much-loved inner-north of Melbourne.
The approved project will feature 39 luxury apartments along with a communal rooftop featuring private spas, a pool and individual retreats, as well as three retail tenancies at ground level spanning 268sqm in total.
“Projects like this I believe will be very successful no matter what the market is doing, as we have a number of registered buyers that have missed out on our other projects over the past few years,” said GURNER™ director, Tim Gurner.
“ Our appetite for these boutique sites in Collingwood and Fitzroy remains incredibly strong,” he said.
The project will add $40m to the developer’s portfolio and is being designed by trans-Tasman architecture practice, Warren and Mahoney – a long-time collaborator of GURNER™.
This will be the fifth time GURNER™ has collaborated with Warren and Mahoney, with previous projects including the celebrated nearby 28 Stanley Street, Regent Residences, the redevelopment of Fitzroy’s Spanish Club just around corner and a future project in Sydney.
The developer first acquired the site with plans to develop 65 one and two apartments, however off the back of the increasing strength of the high-end owner occupier market, strategically decided to reconfigure the floorplans to offer less, but larger offerings, to reflect a more discerning buyer.
The stunning heritage shop-front façades will be restored, retained and reimagined to house ground-level retail amenity, with the contemporary residential counterpart to be set-back and rise above.
GURNER™ founder and director Tim Gurner said the planning approval had come off the back of a collaborative process with the City of Yarra council.
“ It’s no surprise I love Collingwood and Fitzroy for their unique urban character and in particular, the connection to the Foy & Gibson and JG Cole heritage architecture.
“ When we found this site with its heritage façade we jumped at the chance to create something special that would pay homage to site’s history as we have done many times before.
“ We worked really closely with council every step of the way to address and mediate any concerns they raised which has resulted in an approved scheme much as we originally proposed.
“ Our relationship with council has been up and down over the years but we are now working really well together. This is now our third major project negotiated with the City of Yarra in the past six months and I’d like to think they can see how committed I am to delivering not just beautiful buildings but projects that support the area’s café and hospitality culture.
“ We are really pleased with the outcome and we are very much looking forward to launching this boutique project in the coming years once the current lease agreements have lapsed” he said.
Principal architect on the project Nick Deans said the design response had taken acute inspiration from the façade and Smith Street’s origins as Melbourne’s most important turn-of-the-century shopping precinct.
“ Our vision for the project acknowledges and respects the history of four, largely intact, heritage shopfronts. Our design is considerately setback from the edge of Smith Street to create an interplay of tactile historical fabric on the first two levels, paired with a contemporary residential building setback above,” said Deans.
For more information on GURNER™’s latest apartment projects please visit www.gurner.com.au.
Dexus today announced its result for the half year and reaffirmed its guidance for distribution per security growth of circa 5% for FY19. Dexus Chief Executive Officer, Darren Steinberg said: “It has been a productive six-month period where we have added value through enhancing our development pipeline and attracting new investors to our funds management business. This has all been achieved while maintaining low balance sheet gearing. “In our office portfolio we continue to outperform the MSCI office benchmark1 over one, three and five years through driving higher rents and lower incentives, particularly in Sydney which has been reflected in property valuations during the period. “In our funds management business, we now have $15 billion under management with investors and partners that can invest alongside us through the cycle, reinforcing our objective of being the wholesale partner of choice in Australian property.”
CapitaLand Commercial Trust Management Limited, the Manager of CapitaLand Commercial Trust (CCT or Trust), is pleased to report distributable income of S$83.1 million for the quarter ended 31 December 2018 (4Q 2018), an uplift of 10.7% from 4Q 2017. Distribution per unit (DPU) was 2.22 cents, 6.7% higher than the 2.08 cents a year ago. Gross revenue and net property income for the quarter increased by 14.8% and 16.6% year-on-year respectively. The better performance was largely attributed to the contributions from newly acquired Asia Square Tower 2 and Gallileo, which more than offset the loss of income from the divestment of Twenty Anson.
Residential developer Legacy Property is set to commence a syndicated equity raise for its 7th and final stage of Caddens Hill, with minimum investment amounts starting at $250,000, targeting 17.5% investment return over the twelve month construction period. Legacy Property has $3bn of projects completed and in progress consisting of c.3,600 dwellings . 14 projects have been completed with another 7 underway, gross completed project values range from $85m to $248million for each project.
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