GURNER™ acquires third South Melbourne site in 9 months, adding $270m to portfolio
In what signals its third South Melbourne acquisition this year, luxury developer GURNER™ has announced the off-market acquisition of a prominent 1,250sqm (approx.) triangle site on the corner of Bowen Crescent and Kings Way, boasting uninterrupted views over Albert Park Lake and north to the city skyline.
7 Bowen Crescent is set to feature approximately 200 penthouse-sized luxury residences designed specifically for the discerning owner occupier and downsizer market.
The building will be designed by long-time collaborator, Elenberg Fraser with the interiors set to be crafted by legendary design king, David Hicks, in what will mark his second project with the GURNER™ team following their successful collaboration on the developer’s Eastern Road project located just 400m away.
Upon completion the development will be worth over $180million, taking GURNER™’s development portfolio up to over $2.2 billion, with interests split across Melbourne and Brisbane.
A long-term development opportunity, GURNER™ has acquired the site with tenant leases in place, therefore aiming to strategically hold the site while it concentrates on launching various other projects in both Melbourne and Brisbane in 2016.
This acquisition complements the developer’s other South Melbourne projects including 278 Kings Way - which is set to deliver 17 luxury, four-level homes - and 74 Eastern Road, which is set to feature 71 luxury residences over 10 levels, to be brought to market in early 2016 as the pinnacle of luxury living in Melbourne.
The acquisition confirms GURNER™’s strategic outlook for South Melbourne as the next hot-spot for luxury apartment offerings, having previously identified West Melbourne and then Fitzroy and Collingwood as priority development areas - West Melbourne for its ability to deliver affordable apartments in key employment areas and Fitzroy/Collingwood for its insatiable rental demand due to the thriving restaurant and café culture.
Both locations have proved fruitful for the developer with GURNER™ launching and selling out over five successful projects across each location within the last five years.
Bordered by Kings Way to the west and St Kilda Road to the east, and located within easy walking distance of the Shrine of Remembrance, Botanical Gardens, Albert Park Lake and many high-end dining precincts, the Bowen Crescent site represents “the most desirable pocket in South Melbourne and incredibly sought after by Melbourne’s downsizer market”, according to GURNER™ founder and director, Tim Gurner.
“ With uninterrupted city or park-front views from every window, buyers will be very lucky to call this development home as most other sites have to deal with surrounding developments blocking aspect and views,” he said.
“ We see South Melbourne as a prime location for the unprecedented number of luxury downsizers entering the market over the next 18 months to three years as they trade in their family home for an inner-suburb apartment.
“ With the Arts precinct located just down the road, access to a number of popular dining precincts and surrounded by greenery with the Botanical Gardens and Albert Park Lake both just a short walk away, South Melbourne appeals to this market due to the lifestyle it affords them.
“ For us, South Melbourne fits our development model perfectly. It’s located less than one kilometre from the CBD, provides immediate access to established transport routes and boasts an established café and retail culture, with the added bonus of being 500m from all of Melbourne’s key gardens and cultural precincts.
“ When we find a location that supports our model we tend to stick to our guns, which is evidenced by our six previous projects developed in Fitzroy and Collingwood and a further seven developments in West Melbourne.
“ With the market now geared towards larger apartments for the luxury market, we will seek to fill that demand with a series of luxury South Melbourne developments set to launch to the market in the next 18 months which will cater to the needs of this growing market,” he said.
GURNER™ has two more South Melbourne sites set to launch to the market next year, while the developer is actively seeking further South Melbourne sites to capitalise on the market while it experiences an unprecedented period of sustained growth.