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FINANCE APPROVED, CREMA APPOINTED AND CONSTRUCTION COMMENCES ON GURNER™’S $540M SAINT MORITZ, 15 MONTHS AHEAD OF SCHEDULE

People & Companies / Latest News

Australia

Jul 17 2019

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Construction has officially commenced on luxury developer, GURNER™’s $540m Saint Moritz development, transforming the iconic former Novotel St Kilda site into a world-class luxury residential precinct that takes ultra-luxury living to a new global level. 

Demolition of the existing building, which commenced officially on July 17, 2019, is 15 months ahead of schedule after the project garnered $500m in sales in the equivalent of just six selling weeks. 

The developer has confirmed long-time finance partner ANZ is funding the $300million construction debt facility, in what is believed to be the largest residential construction loan undertaken by the big four banks to a private developer this year. 

Local builder Crema Group has been appointed to build the three-tower, ultra-luxury precinct, with the build contract, rumoured to be worth upwards of $150,000,000. 

The project first made headlines in June last year when GURNER™ announced its joint venture partnership with landowner, Barana Group, after the site had first hit the market with $110m price hopes, making it one of the most valuable development sites in Melbourne. 

The project has since made headlines for its record-breaking sales along with rumours of a number of high-profile identities purchasing in what has now been dubbed the ‘tower of power’. 

Only five residences remain in the final building, Grand Esplanade, while the first two buildings, Pacific House and Azura, are 100 per cent sold. 

GURNER™ Founder Tim Gurner said Saint Moritz had challenged the notion of ultra-luxury living, bringing together a host of amenities, services and experiences along with a level of design and architecture detail on a scale never-before-seen in Australia, and arguably the world. 

“ I am so incredibly humbled and excited by how wholeheartedly the market understood and embraced our ambitious dream of Saint Moritz – a project that is truly irreplaceable and without doubt a once-in-a-lifetime experience for me, our team and for the purchasers. 

“ Depending on who you talk to we had either a crazy or ambitious vision and I’m just so excited to be able to now start construction and get into the exciting part of bringing this project to life and over-delivering on our buyers’ expectations. 

“ Saint Moritz represents the pinnacle of my career and something I feel honoured to not only have imagined and created with my amazing team but now deliver to a level that has not been offered before.” he said. On appointing Crema Constructions to build this incredible project, Gurner said: 

“ In my eyes Crema is the only builder in Australia that can deliver Saint Moritz at the standard we are demanding and I am thrilled to be working with them yet again on another of our ultra-luxury developments. 

“ Crema has an incredible family-led private business ethos that has been around now for over 65 years over three generations; which is evident in their love and care in what they do. They are a very special family”. 

ANZ has funded over 90 per cent of GURNER™’s projects since the brand’s inception in 2014. 

“ ANZ has been a key supporter of our brand since the beginning. None of what we have been able to achieve over the years would have been possible without their support. I feel honoured and privileged to work with ANZ as our main lender,” said Gurner. 

“ The team at ANZ is truly incredible. They provide not only invaluable property insights but unwavering support – both of which are critical to ensuring projects of this scale are a success.” He said. 

Monica Bartolo, ANZ’s Director – Institutional Property Group, said: 

“ ANZ is delighted to be supporting GURNER™ in providing an underwritten construction facility for Saint Moritz, a landmark project that will establish a new benchmark for luxury development in Australia. This transaction further cements the long-standing relationship between Tim and ANZ, and we look forward to continuing to support Tim’s developments well into the future.” 

Nick Crema, Director of Crema Group said: 

“ We’re really excited to be continuing our partnership with GURNER™ to deliver what will be an iconic building not only for Melbourne but also for Australia. 

“ This project is truly unique not only in the size of the residences but also in the quality of detailing specified and the extent of the residents’ facilities. 

“As a business, we’ve always focused on delivering quality and we’re looking forward to delivering something special here that we can all be proud of. Crema’s origins are in St Kilda so to be delivering Saint Moritz has a special meaning to us.” 

Saint Moritz has been architecturally designed by Fender Katsalidis and Koichi Takada Architects, with the interiors crafted by David Hicks. 

Completion is currently slated for late 2021. 

For more information on Saint Moritz please visit www.saintmoritz.com.au 

For more information on GURNER™’s latest apartment projects please visit www.gurner.com.au 

 

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