07 May 2015
107 Cambridge St a sell-out in 48 hours
Hot on the heels of GURNER™’s recent sell-out success in West Melbourne whereby all 241 apartments where sold in just six weeks, founder and director Tim Gurner has announced that 95% of the 90 luxury residences in his latest project in Collingwood, totaling over $50million, sold in just 48 hours, with the project reaching fully sold out in just seven days.
‘107 Cambridge St’, located in the City of Yarra’s most historically significant ‘Foy and Gibson’ heritage precinct, was released to the market on Saturday 25th April and by close of business Monday 27th April, 85 of the 90 apartments had sold in quick succession.
In what represents an unprecedented turn-around period from sales to construction, GURNER™ has now appointed Construction Engineering (Aust) Pty Ltd to build the project, with construction slated to commence in four weeks’ time.
The $60million project is being funded by ANZ, and represents Tim Gurner’s 13th development within a few hundred metres of the site, with previous project successes including ‘Oxley’, ‘Little Ox’ and ‘Bellini’; all now sold and close to reaching completion.
“ With this project’s heritage façade and its ideal location in Collingwood’s historic Foy and Gibson precinct, we knew it would appeal to a host of buyers but we had no idea just how successful it would be and how fast it would sell out.
“ We announced the project to our VIP database in early April and within a week the project had been oversubscribed three times over. To be all but sold out within 48 hours is certainly the most phenomenal result we’ve ever encountered.
“ I had been waiting for years for a unique site such as this one - with its rich history and beautiful façade I knew we could do something special with the site so it’s humbling to have experienced such a strong response from the market,” Gurner said.
Gurner said he had always held an affinity for New York’s luxury loft-style living, particularly in the meat packing district which has recently undergone a period of significant gentrification to now boast some of New York’s most expensive and coveted heritage loft apartments.
“ I have always been fascinated by New York and in particular the meat packing district; I love the way these derelict factories and warehouses have been effortlessly converted into these incredible luxury apartments.
“ We briefed Elenberg Fraser with the concept of bringing New York loft living to Collingwood and they have absolutely nailed it. We have taken the detailing and quality of the interiors to a whole new level and I can honestly say I don’t think any other comparable project currently on the market can match this level of finish and quality created by the team at Elenberg Fraser.
“ The joinery throughout the kitchens and bathrooms is honestly better than what I have installed in my own home. The incredible detailing with a huge amount of intricate aged bronze metal work, anodized iron feature cabinetry, 2-pac joinery, stone bench tops and Ilve appliances are at a level not seen before in a residential apartment development of this scale.
“ The bathrooms have taken luxury to a new level with the bespoke solid surface vanities, aged bronze tapware and shelving, round custom mirrored cabinets, LED feature lighting and hand-made hatched feature tiles.
“ It will be absolutely phenomenal, it’s one of the most exciting projects I believe we’ve ever brought to market in Melbourne,” he said.
The 2100sqm 107 Cambridge St site is set behind the stunning Foy and Gibson red brick façade, with Elenberg Fraser creating a modern architectural form to quietly stand behind, rather than compete with, the heritage façade at ground level as the true hero of the building.
In its heyday, Foy and Gibson was a pioneering retail empire in Melbourne which produced a host of leather, furniture, clothing and hardware goods and by the turn of the century had built the largest department store in the southern hemisphere as well as occupying a string of spinning and woolen mills, warehouses and apparel factories all within a two mile radius.
While the company eventually went into liquidation in 1968 the Foy and Gibson name has left a lasting mark on Collingwood’s architectural DNA, with many now heritage-protected façades, including GURNER’s new 107 Cambridge St project, still baring its name.
The ground floor also contains over 600sqm of retail, which Tim Gurner will be retaining and creating what he describes as a “world class café and restaurant precinct celebrating Collingwood’s love of the arts, culture and food.”
The sell-out success of 107 Cambridge St has spurred GURNER™ to bring forward the anticipated launch of its next Collingwood project, located just 200m away at 24-28 Stanley Street.
The Stanley Street site has recently received a permit and GURNER™ plans to demolish the existing site straight away in anticipation of a fast-tracked launch sometime in the next three weeks, in order to capitalise on the insatiable demand for luxury apartment projects in the Collingwood area.
GURNER™has steamrolled into 2015 with a number of sell-out projects including ‘Ikebana’ in West Melbourne which sold out in under six weeks, and ‘FV’ in Brisbane which has sold all 651 apartments in Stage One and Two, spurring the developer to fast track the release of the final building, ‘No.1’ which is set to launch to the market in the coming weeks.