Gurner snares Sydney CBD project
Tim Gurner will replace the 1960s ADC House with a build to rent project (artist’s impression, right) containing two 34 storey towers, carrying an end value totalling c$800 million.
The 16 level office on 1195 square metres at 189-197 Kent Street is owned by Greg Shand who, via his Barana Group, in November, 2020, obtained a permit for a residential conversion.
Dubbed ‘The Cut’, it contained 125 apartments in two 24 level towers connected on their lower halves.
However, seven months later the executive applied to amend the permit, increasing the tower heights to 31 and 27 levels.
Both proposals, penned by FJMT and mooted to cost c$90m to complete, include ground floor retail and basement car parking.
A permit which would have allowed a taller replacement building also existed between 2006-2011.
Familiar developers
News of a project at 189-197 Kent St comes a year after Mr Gurner tied up the redevelopment of another ex-Barana Group site: St Kilda’s ex-Novotel, now the St Moritz apartment complex (story continues below).
In that case, Gurner reduced the number of permitted units from 236 to c130.
Also in 2021, we reported, the developer with Qualitas Group, both Melbourne based, was eyeing a Five Dock site for a multi-tower build to rent project.
Three years ago, meanwhile, that partnership snapped up a 2049 sqm Parramatta site permit-ready for a 61 storey tower from controversial developer Jean Nassif.
Costing a speculated c$70m, that holding is again earmarked for a BTR investment.
In Alexandria meanwhile, Mr Gurner is also behind a build to sell residential proposal at 444 Gardeners Rd.
Subscribe to our newsletter at the bottom of this page.
