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GURNER acquires new South Melbourne site, adds $50m to project portfolio

People & Companies / Latest News

Australia / South Melbourne

Nov 26 2018

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Multi-billion-dollar developer, GURNER™ has announced the acquisition of a 1,550sqm site in South Melbourne that will add $50m to the developer’s $5.5b portfolio once complete. 

The site, located at 77 Park Street in South Melbourne, is permitted for 44-apartments and 6 heritage townhouse conversions housed within a former Church that occupies the site. 

The deal was brokered by Ed Wright, Stephen Kelly and James Thorpe of Knight Frank, and represents GURNER™’s fourth project in South Melbourne after the developer first identified the inner suburb as a key strategic focus for its luxury owner occupier product in 2016.

The developer’s other prominent South Melbourne projects, all located within 200metres of the site, include the recently completed 74 Eastern Road, in addition to Albert Place Residences and The Townhomes, both currently under construction. 

GURNER™ founder and director, Tim Gurner said the site presented an opportunity to deliver stock quickly to the market in a suburb with sustained pent-up demand.  

“ South Melbourne remains a strong focus for us due to the sophisticated owner occupier buyers that are drawn to the location. 

“ Our first three projects in South Melbourne were hugely successful, in particular Albert Place Residences where we tested the ultra-luxury penthouse market on a large scale. 

“ After witnessing the increasing demand for these types of apartments off the back of our first three projects here, we have been keeping a close eye on South Melbourne ever since, and jumped on this opportunity to acquire a permit-approved site so we can capitalise on the demand and bring product to the market quickly.    

“ The constant negativity from government, regulators, banks and the media has created a false economy of uncertainty, however when selecting our sites we try to block out the noise and look at the market fundamentals, and the fundamentals in the inner suburbs of Melbourne remain strong. 

“ We still have 150,000 new people moving here each year, vacancy rates continue to hover around a record-low of 1.5 per cent and supply has fallen off a cliff. 

“ These factors indicate we are heading towards a rental crisis so I believe we will see prices jump again in the next 18 – 24 months,” he said. 

Knight Frank Director, Ed Wright, said: 

“ The deal is an excellent outcome for the vendor and the market place, GURNER™ has delivered some of Melbourne’s best and most iconic developments in recent years, and we are confident this project will be no different.” 

The developer is now in the final stages of design and will look to launch the project to the market in early 2019. 

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

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