The surge of east coast developers expanding west is gaining momentum after Gurner revealed its $500-million debut development play in Perth.
The acquisitive Melbourne-based developer has partnered with Geelong’s Costa Property Group and Grange Development in a mixed-use apartment project in the city’s affluent inner-west suburb of Nedlands.
It will comprise 275 apartments across three buildings to be delivered in stages along with more than 3500sq m of commercial, entertainment and retail space as well as a health and wellness precinct.
The amalgamated 6000sq m site at 95-105 Stirling Highway was acquired by Costa Property Group for a total of almost $19 million.
Initial plans including four taller towers were rejected and the proposal was subsequently revamped with reduced building heights given the green light early last year.
Gurner will share a 50-50 split in the project with the two original developers.
It said it was currently making changes to the existing permit to create a “true town square” and public realm across the ground level and first floor to create a major drawcard for the surrounding area.
The development designed by architects Elenberg Fraser will replace existing automotive dealership showrooms for Porsche and Bentley.
In a statement announcing the push across to the west coast, the group’s chief executive Tim Gurner said Perth was one of the key cities firmly in the company’s sights as it continues expanding its build-to-sell and build-to-rent pipelines in markets where the fundamentals stack up.
“We have had our eye on the Perth market for over eight years now, waiting for the right opportunity—we wanted our first site to be an iconic project of significant scale in a prime suburb, so we could set the tone for future expansion in Perth,” he said.
“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.
“The site is a strategic play that will be launched when the market allows it to—with construction pricing such an issue in Perth at the moment, we will wait for the right time to ensure we can offer a superior product to the market.”
Costa Property Group chief executive Carl Schokman said Gurner would “bring unique flair top this development”.
Grange Development managing director James Dibble added the joint venture with Gurner would enable the creation of a “true high-end town centre that the community has been longing for”.
Elenberg Fraser principal Reade Dixon said the project had been designed as “a contemporary reimagining of the architectural character of Nedlands, taking inspiration from the affluent detached houses and their garden settings”.
The latest development play by Gurner is part of a rising tide of east coast developers eyeing off opportunities in the west, including Sydney-based Belingbak, which is currently circling a couple of Perth sites.
Victorian-based affordable housing developer Assemble has partnered with Australian Development Capital and Warburton Group on a $1-billion-plus residential development at the historic Perth Girls’ School site in East Perth.
Gurner’s move into the Perth market follows its expansion into Sydney, Parramatta and the Gold Coast where it is undertaking a $120-million project at Burleigh Heads and a $1.75-billion four-tower development on the former Budds Beach site of collapsed developer Ralan Group.
It also has recently unveiled its Geelong debut with a $300-million mixed-use project near the city’s waterfront.
Article Source: www.theurbandeveloper.com
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