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GURNERâ„¢ to develop vast Melbourne island site to the tune of $1.5 billion

People & Companies / Latest News

Australia

Oct 08 2017

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Off the back of the recent completion of its iconic FV development in Brisbane, luxury property developer GURNER™ has secured its largest and most ambitious Melbourne site to-date, with the acquisition of a 10,000sqm island site in South Melbourne that will add $1.5b+ to the developer’s portfolio once complete. 

The site was secured off-market and will be developed in joint venture with a private family, taking the developer’s portfolio to over 7,000 apartments with a $4.5b+ end value.

The site sits at 2 – 28 Montague Street, bound by Montague, Munro and Johnston Streets, and is a long term play for the developer, due to current leases to Mazda and Otis. 

The site is large enough to house over 2,200 apartments, however it is believed the developer is currently looking to create a mixed-use scheme encompassing residential apartments, childcare facilities, serviced apartments, a 4.5 star hotel with its own roof-top bar and restaurant, a large commercial office component and over 9,000sqm of retail. 

GURNER™ has appointed Cox Architecture to design the project, with a brief to design a precinct that will redefine the area and become a catalyst for change, due in part to its location right on the cusp of what is the State Government’s most prominent and significant urban regeneration precinct. 

“ There’s little doubt that GURNER™ has secured genuinely ‘prime’ real estate in South Melbourne. To be working on such a visionary project with a developer that is not afraid to push the boundaries is incredibly exciting. 

“ Beyond the purely commercial, the location will provide the benchmark, the precedent and the catalyst for the link between the rejuvenated South Melbourne and newly envisioned Fishermans Bend precinct.

“ The site will be the ‘front row’ not only for excellence in architecture but also in how an activated ground plane will weave together old and new, providing amenity and a genuine magnet for the surrounding neighbourhoods even beyond the building,” said Philip Rowe, director of Cox Architecture. 

GURNER™ founder and director, Tim Gurner said the project would reflect the developer’s underlying vision to create iconic buildings and precincts in emerging destinations that are undergoing periods of immense gentrification. 

“ Strategically we are drawn to large sites in areas undergoing significant change and revitalisation, as this allows us to create opportunities for our buyers and clients to ride the uplift in median prices as the surroundings transform – just as we have done in Fortitude Valley with FV. 

“ When we first purchased the FV site in Fortitude Valley people thought we were crazy – it was a rundown area with ‘for lease’ signs everywhere and we introduced 1,000 apartments and a brand new mixed-use retail precinct, which together once all complete will be home to over 2,000 people. 

“ Four years later the area is thriving and the project has spurred more confidence in the precinct. As a result Fortitude Valley is regaining its title as one of Brisbane’s most popular suburbs. Our investors have done extremely well out of it and this is exactly what we hope to replicate in Melbourne with this new site. 

“ Similarly with this site we are very keen to play an important role in Melbourne’s regeneration and the evolving urban landscape, so this represents an opportunity for us to really sink our teeth into urban renewal. 

“ The size of this site is aligned with our vision to create projects that are iconic and recognised both around Australia and internationally.  

“ This project is a long-term strategy for us that will be delivered in stages over a 5-10 year period depending on the market. We will look to work with the existing tenancies to establish new state-of-the-art showrooms as part of the retail offering, while creating an integrated, community-focused precinct that connects residents with office workers, business owners, travellers and locals alike. 

“ We know there will be a lot of eyes on us especially because of the location, so we are excited to deliver something that exceeds everyone’s expectations, just like we did at FV in Brisbane. 

“ Our focus will be to price the first few stages strategically, offering a high-end product at an affordable price, so that we can quickly move through to construction of the ground level retail plane, and start contributing to the area’s regeneration as soon as possible,” Gurner said. 

The site is expected to generate thousands of jobs through the construction phase and will house well over 3,500 residents once complete, along with an estimated 7,000-plus workers. 

The developer is currently finalising the proposed design before preparing to submit the project to the Minister’s office for planning approval later on this year. 

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

 

SOURCE: Feature Article

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