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Tim Gurner, Greg Shand strike Novotel St Kilda deal

Financial Review Rich Lister Tim Gurner will develop the renowned Novotel St Kilda hotel site overlooking Port Phillip Bay into more than $500 million of luxury apartments, after striking a deal with owner Barana Group and real estate financier Alceon.

The near-6000-square-metre site at 14-16 The Esplanade was put up for sale in February but failed to secure a buyer at a purported asking price of $120 million, despite being marketed as one of the best development opportunities in Melbourne and with a permit for 236 apartments.


162 Williams Road, Prahran
Victoria 3181