Melbourne-based GURNER submits DA for $600 million landmark Brisbane creation
Melbourne-based developer Gurner has acquired a 5,000 square metre site in Brisbane’s Fortitude Valley, in the centre of Brunswick Street, Alfred Street and Barry Parade, in their first foray interstate.
The site is to be a $600 million mixed use development landmark, with hopes of rejuvenating the area.
Award-winning architects Elenberg Fraser will take on the project and the site will include a number of towers, totaling more than 730 apartments, a 100 apartment 4.5 star hotel, a 5,000 square metre real estate precinct, 3,000 square meteres of resident-only resort style club and landscaped area, designed by landscape architects 360 who also undertook work at Sydney’s The Ivy.
A U-shaped infinity pool, private bars, BBQ areas, outdoor cinema, sun deck, gym, library and formal dining rooms that residents can book will all be within the site.
The development application was submitted last week for the proposal.
The decision to move into Brisbane was due to the growing interest across the Australian market for the inner-city apartments in the area, something Property Observer has long noted regarding investors. Gurner was searching for a Brisbane site since early last year.
The new site, in keeping with this philosophy, is 50 metres from the train station and 800 metres to the CBD.
Gurner has purchased three sites in Melbourne in the last three months alone, including 24-28 Stanley Street, Collingwood, 107 Cambridge Street, Collingwood and 74 Eastern Road, South Melbourne. These will be $30 million, $55 million and $45 million respectively, with the latest development to be their most significant.
The development company has been around since 2012, after Tum Gurner’s involvement with Pan Urban and Urban Inc.
Gurner said that these sites represent an opportunity to cater for population growth.
“With the development site market being so hot at the moment it is making acquisitions very difficult for local private companies. We are thrilled to have been able to secure four incredible sites that will offer our clients a very unique home or investment opportunities that are beautifully designed with great local amenity,” he said.
Stage 1 of the mixed use project is expected for launch mid-2014, hanging on Brisbane City Council’s approval of the DA.
“The inner city Brisbane market is very attractive for investors and owner-occupiers, with very low vacancy rates, great affordability and increasing rental yields. Brisbane prices are now around 40% lower than comparable apartments in Sydney and over 20% cheaper than Melbourne, while rents are not far behind. Brisbane has not had the amazing run that Melbourne and Sydney have had over the past 12 to 24 months. But we are very confident that the time has come for the Brisbane market to gain momentum over the next two to five years as investors grow wary of Melbourne and Sydney’s supply and growth rates,” he said.
The sale of the largest part of the site was negotiated by Neville Jensen of Ray White Metro.
The Collongwood Stanley Street development, to be designed by Warren and Mahoney, will bring 50 apartments and retail to the market, with the Cambridge Street development, also designed by the same architects, permitted for 95 apartments and retail outlets. The South Melbourne site is being re-planned, with ideas for 65 apartments and a café, spanning eight levels, and designed by Elenberg Fraser.
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