Gurner heads west with Nedlands project
Gurner has diversified into another market – Western Australia – teaming with Costa Property Group and Grange Developments on a $500 million suburban Perth project.
Earmarked to replace Bentley and Porsche dealerships and a bike shop covering 6050 square metres between 97-105 Stirling Highway, Nedlands, the triple tower development will contain 275 dwellings and over 3500 square metres of commercial space.
Geelong based Costa and Grange Developments, directed by James Dibble and headquartered in Melbourne, unsuccessfully intended four towers, containing a total of 301 dwellings, when they put forward a proposal five years ago.
Last February, a revised application with three shorter buildings (between 17-24 storeys) and 231 units was approved.
Interestingly, the updated plan increased the number of car parks from 464 to 504, with the addition of a fourth level basement.
Gurner will take a 50 per cent stake in the profits after again modifying the design to include a town square, wellness hub, offices, retail and entertainment and hospitality precincts.
Communal lounges, a rooftop pool, garden, children’s play area and landscaped, double height balconies, will also form part of the revised scheme.
Nedlands is an affluent suburb, seven kilometres south west of Perth.
Gurner enters another market
The Nedlands project, which will be delivered in stages with between 60-100 residences, would be Gurner’s first in Western Australia (story continues below).
The developer has been diversifying geographically this year – less than a fortnight ago, the group, led by Tim Gurner, teamed with land owner Dean Montgomery for its maiden Geelong project, a $300m, 18 storey hotel and apartment complex.
Late last year, Gurner, backed by Qualitas, announced its maiden Parramatta project, a 61 level Build to Rent asset, part of which will replace the Parramatta Police Citizens Youth Club building.
The company recently purchased its second Gold Coast site, at Burleigh Heads.
On 1050 sqm, a 22 floor residential development is planned.
The builder also just began constructing its first Melbourne BTR asset, at the St Kilda Junction.
Last January, Gurner launched a luxury hotel brand, Club Maison, earmarking sites in St Kilda and Fitzroy.
Twelve months ago, the company united with Qualitas to acquire an interest in the Jam Factory, which is earmarked for a $1.2 billion redevelopment.
“We are very excited to announce our first major development in Perth – it’s a market we believe has incredible potential, particularly in the next five to ten years, as it continues to mature from a mining city into an economic powerhouse,” Mr Gurner said.
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