GURNER secures transformative industrial Richmond apartment site
One of Richmond’s most-prominent and strategic sites, at 81 to 95 Burnley Street, Richmond, has been bought by GURNER.
The 13,000sqm site is expected to be developed into a major mixed-use precinct worth over $800 million.
The site, near the Victoria Gardens Shopping Centre, currently holds Harry The Hirer facilities.
The precinct will include over 500 apartments including a luxury retirement offering. There is no time line yet on construction and marketing, although GURNER is not likely to rush such an ambitious project.
Some 10 percent of dwellings allocated towards affordable housing after planning rezoning by the Planning Minister, Richard Wynne.
The precinct will include multiple buildings rising to up to 12 stories while retaining a podium including its heritage fabric.
The site contains the former Repco building. Robert Russell set up the Russell Manufacturing Co. Pty Ltd (automotive spare parts, accessories and general equipment) in North Melbourne in 1927, but moved to Richmond in 1930 to the former plaster-making factory, Stucold Plastic Art Co. The trade name Repco was registered in that year.
“This is a landmark site in one of Melbourne’s most sought-after suburbs ," Tim GURNER said.
“The vision has been inspired by our love for the meatpacking district and Greenwich in New York and will exemplify the best of both worlds for the lucky people who call it home,” he added.
There has been no price reveal yet on GURNER’s off-market purchase from the Astrodome Hire, owner of the rental business.
Planning reports for the site suggested the seven to 12 storey scale of the new towers proposed was consistent with the emerging scale of recent developments including seven storey apartments at the Salta project at 10-30 Burnley Street, and the nine to 13 storey Embassy Apartments.
