Ikebana Sold Out

Market Insights
9 years ago
2 minutes

Melbourne-based property developer, Gurner continues to dominate Australia’s apartment market with all 241 apartments in its Japanese-inspired ‘Ikebana’ project in West Melbourne completely selling out in just four weeks, following on from the record breaking success of FV in Brisbane.

The $140million project was announced to the developer’s VIP database in December, garnering over 500 registrations of interest before launching officially to the public market in January this year. 

Gurner has appointed Hamilton Marino to build the development, with construction set to commence later this month. 

Designed by Elenberg Fraser, Ikebana is Gurner founder, Tim Gurner’s fifth foray into West Melbourne alone, after the developer first identified the suburb as a key driver for investment growth over seven years ago. 

“ As an investment strategy West Melbourne appeals to all of our clients due to its excellent location on the cusp of the CBD and Docklands precinct, which attracts a strong tenant pool of young professionals, families and professionals aged between 25 to 40 years old. 

 “Ikebana is located just 100m from Flagstaff Gardens, 400m to North Melbourne and Flagstaff Train Stations, 200m to the CBD and Queen Victoria Market as well as just 200m from the Docklands. These locational benefits all point towards strong continued growth for investors and owner occupiers.  

“ Due to the excellent returns and rental yields garnered from our West Melbourne projects, we have seen many of our clients reinvest into every single development we have taken to the market in West Melbourne and would do so again 10 times over - we literally cannot keep up with the demand,” he said. 

Gurner has witnessed similar success in Brisbane after his iconic Fortitude Valley project, FV sold 630 apartments of 651 totaling over $300million in just 12 weeks.

“ Ikebana is certainly one of the most architecturally distinctive projects we have ever created in Melbourne so we are delighted with the response and demand from purchasers.

“ The popularity of Ikebana’s striking design and unique amenity concept means we will continue to push the envelope when it comes to delivering luxury apartments in these urban settings.

“ Every Gurner project is responsive to its location and offers a unique experience that’s unlike anything else. This is our point of difference so we will continue to deliver projects which are both architecturally sculptural and luxury by their very nature,” Gurner said. 

Ikebana is Gurner first of at least six new developments to launch to the marketplace in 2015, with the developer gearing up to launch projects in various suburbs of Melbourne and Brisbane in the coming months.