Just six apartments left as Gurner secures $480 million in sales at Saint Moritz
GURNER has secured 95% in sales of its $480 million Saint Moritz development in St Kilda.
There have been sales of 127 residences some 15 months ahead of the projected timeline.
The developer will now bring forward the commencement of construction from the end of 2020, to Q3 this year, with the builder and major construction lender expected to be announced in the coming weeks.
The first two of the three buildings, Pacific House and Azura, are 100 percent sold out.
The third building, Grand Esplanade, which offers absolute-beachfront views over the Esplanade, was quietly launched over the past six weeks, with only six residences remaining.
GURNER and its development partner Greg Shand had planned to retain the remaining six residences but have since decided to release the residences.
These final residences are priced from $3.75million to $14,750,000.
With Grand Esplanade averaging sale prices of over $8 million, Tim GURNER said there had been "huge" numbers of amalgamations of large residences into ultra-luxury penthouses with a number of the sizes well over 500sqm of internal space.
The trend has seen the total number of residences reduced from around 150 initially to 133, and an average price per residence of $4.5 million.
“ We have been totally humbled by the incredible response from the market and cannot express how excited we are to see our vision come to life over the next two years as the project is commenced and completed,” said Tim GURNER.
“ This is a once-in-a-lifetime project for me and the team; we had an ambitious vision for the project to create the world’s best ultra-luxury residential precinct to rival anything around the world and now we get to deliver this amazing dream.
“ Countless advisors told me I was mad to launch a project of this scale when the market was still reeling from negativity. It was hard to block out all the noise but I’m so glad we did because the market has really understood what we are trying to do and not only embraced it but loved it and ensured its success.
“ By far our best sales advocates have been our own buyers – almost every single buyer referred one or two friends so as word quickly spread, the momentum was phenomenal, where we were signing 5-10 contracts a day at one point.
“I knew there was a market for ultra-luxury residences on an international scale akin to London or New York, but I had no idea just how deep it went when the product is right.
“ Our buyers have been predominantly business identities in their 40s – 60s who lead a truly international lifestyle. They stay in the best hotels, dine in the world’s best restaurants and so naturally expect the world’s best for their home.
“ Until now this discerning demographic had not had any reason to move from their luxury mansions and apartments in Toorak, Albert Park, St Kilda or Brighton, because there was nothing on the market that could offer the lifestyle they were seeking.
“ Perhaps more importantly, there was nowhere that could guarantee an entire building of like-minded owner occupiers, rather than investors. In the end this proved a huge point of difference.
“ The whole experience has been surreal – it’s a time in my life and within the business that I’ll never forget. Now our focus will turn to delivering this masterpiece,” he said.
Saint Moritz’s sell-out has been bolstered by an additional $10 million from the sale of the project’s Chairman’s Lounge suites, 20 private business suites priced at approximately $500,000 each, equipped with reception, bar, boardroom and meeting rooms surrounding by 20 bespoke Chairman’s lounges they provide the ultimate discretion for the many wealthy business identities that will soon call the building home.
Saint Moritz has been designed by Fender Katsalidis and Koichi Takada Architects, with interior designer David Hicks crafting the interiors, and Jack Merlo the oasis-style landscapes.