Following the purchase of sites at Alexandria and Parramatta, Tim Gurner (pictured, top) will open a Sydney base for his eponymous development company, choosing inner east Paddington.
The opulently fit-out 380 square metre double storey terrace conversion at 7-13 Elizabeth Street was recently vacated by Sweaty Betty PR, owned by high profile agent, Roxy Jacenko, also the landlord.
One holding south of the Oxford St retail strip, the property includes garage parking and a courtyard.
Gurner expects 40 staff to work there.
About another 25 are earmarked for an as yet unknown Sydney office set to open in the short to medium term.
“Sydney is an incredible city and we are looking forward to expanding our presence here – this is a prime location that will enable us to continue delivering bold, innovate, industry-leading projects across various asset classes to our one of our most important markets,” Mr Gurner, chief executive officer, said.
Same size offices for Sydney, Melbourne
Gurner employs about 65 people at its Prahran, Melbourne, headquarters.
“We have quickly mobilised a team of seven locally already,” Mr Gurner said of the company’s Sydney expansion.
“Our plan is to have a team of a similar size to our Melbourne headquarters within the next…two years,” according to the executive.
The creation of a Sydney base comes seven months since Gurner, backed by Qualitas, paid Jean Nassif’s TopPlace nearly $70m for a 2050 sqm Parramatta site with plans for a 61 storey Build to Rent tower (story continues below).
Mr Gurner made his maiden Sydney acquisition – an apartment development site at 444 Gardeners Rd, Alexandria – in 2016 following a $24m outlay.
CBRE’s Natalie Krivohlavy and Fergus Bowen marketed 7-13 Elizabeth St in its entirety or as individual floors.
Roxy Jacenko relocates back to Beaconsfield
Ms Jacenko paid $2.66m for the Paddington asset in 2014; some $360,000 less than it traded for three years earlier.
Six year ago, it was conditionally approved to be replaced with a two storey complex containing six apartments.
Following a renovation, the property is speculated to be worth about $10m today.
Sweaty Betty PR relocated in March to a Beaconsfield office, spreading 700 sqm, which the Jacenko family acquired for $18m last year.
Five kilometres south of Paddington, that suburb was where the PR executive established her career in 2004.
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