Gurner Given The Nod

Market Insights
8 years ago
4 minutes

Luxury property developer, GURNER™ has this week been granted planning approval for a $200million-plus 25 storey twin-tower project at 1 Warde Street, Footscray, which sits within the State Government’s Joseph Road regeneration precinct. 

GURNER™ has chosen long-time collaborator, Elenberg Fraser to design the project to ensure the level of quality is consistent with both Tim and Callum Fraser’s vision for luxury and revitalisation in this integral regeneration precinct. 

Formerly zoned industrial, the fifteen hectare site located five kilometers to the west of Melbourne’s CBD was rezoned by the State Government as a Priority Development Zone in 2008 and represents the largest and most significant urban renewal site in Melbourne’s inner west. 

Situated in what will become Footscray’s new residential and retail hub, 1 Warde Street will comprise two twenty five storey buildings, featuring 350-380 apartments with 4000sqm of retail at ground level and a dedication to luxury amenity in what has become synonymous with the developer’s previous Melbourne and Brisbane projects. 

Having acquired the site over four years ago GURNER™ founder Tim Gurner said the project would be able to deliver high-end luxury apartments at a price point that will undercut the market to offer affordable luxury in an appealing infill location, with incredible views of the CBD. 

“ The site was purchased over four years ago when prices were siting below long-term averages so we are now able to pass this on to purchasers by delivering a project that will rival our crowning ‘FV’ project in Brisbane at prices that sit under market rates, ensuring our clients enjoy long term capital gains.

“ Having just received planning approval from the State Government we will now move into the early design stages and we hope to bring this project to market in early 2016,” he said.

Gurner said the project would embody the developer’s vision to create iconic buildings that set new benchmarks for craftsmanship and luxury design. 

“ We have a commitment to creating an absolute luxury experience complete with a substantial dedication to exclusive resident facilities and luxury amenities, while selecting only the finest quality materials for the apartment interiors. 

“ We target owner occupiers to create homes they desire to live in, which means creating larger-than-average apartments using quality, design-led materials throughout and 1 Warde Street will be absolutely no different,” he said. 

“ This regeneration precinct in Footscray is the perfect opportunity to breathe new life into a former industrial precinct and create a thriving residential, retail and cultural hub within five kilometres of the CBD. 

“ Having just sold out our $600m ‘FV’ project in Brisbane’s Fortitude Valley which is located in a similar regeneration zone, we are excited to apply our expertise to Footscray and deliver a similar luxury high-end project which will revitalise the area and bring new cultural and residential opportunities to this popular inner city location. 

“ I have absolute faith in the Planning Minister and his vision for Joseph Road precinct to become a thriving new hub and we are excited to work together to help deliver this vision. 

“ The population of Footscray is growing by approximately three percent annually so this precinct will provide thousands of new homes over the next 10 years, shops and offices, transforming Footscray into one of Melbourne’s most desirable inner suburbs.

“ People who buy into the early stages of new precincts such as this one, tend to do incredibly well as they buy against the market trends and then see a large upswing when the precinct really starts to take shape.  

“ We saw it with Port Melbourne and Richmond’s former industrial precincts which have now been transformed into luxury apartment pockets so I believe Joseph Street will be another example where people will kick themselves down the track if they don’t get in early. 

“ The market continues to dictate that purchasers want well designed apartment living with luxury amenity close to the city and our unique approach will ensure this demand is being met,” he said. 

“ We are excited to bring this project to the market as soon as possible; I’m happy to see there are other developers already in the market there as the activity will help put this precinct on the map. 

“ There has been talk that this precinct may become over populated with new developments however we see it no differently to opening an Italian restaurant or cafe on Lygon Street - as long as you ensure you are delivering the best possible coffee or product in the market at a competitive price, it is sure to be a success,” he said.

GURNER™ will now embark on the design process with the Warde Street site slated for launch at the beginning of 2016.