This article is from the Australian Property Journal archive
HARRY the Hirer’s warehouse will make way for an $800 million mixed-use project after prominent developer Tim Gurner added 1.3 hectares in Melbourne’s Richmond to his fast-growing portfolio.
The strategically located site at 81-95 Burnley Street was recently rezoned by Victorian Planning Minister Richard Wynne after an application was submitted by vendor and business owner Astrodome Hire 12 months ago.
Gurner’s master plan includes retail, serviced apartments, residential, office and a large community and art component that Gurner said would “be its own new world environmental ecosystem”.
The precinct will include multiple buildings rising above a podium including retained heritage fabric, featuring over 500 apartments including a luxury retirement offering, 10% of dwellings being allocated towards affordable housing.
There will be over 8,000 sqm of commercial and retail space, including a state-of-the-art showroom space, a laneway of retail and amenity offerings, and local community public open space park and cultural area of about 575 sqm.
Gurner is fresh from striking a deal with Qualitas and site owner Newmark Capital for a $1.4 billion redevelopment of the Jam Factory retail and cinema complex in the close-by suburb of South Yarra, and making his entrance into the Gold Coast market with a $600 million project overlooking Budds Beach.
Gurner said the vision for the Burnley Street site has been inspired the meatpacking district and Greenwich in New York.
“Our vision for this site is so much more than just a residential precinct, but to become the true epicentre for Richmond complete with hospitality offerings, public spaces, high-quality retirement, mixed-use and retail.
“We have been fortunate to secure many prime sites over the past few years which have allowed us to explore larger precincts and placemaking. This site is one of the largest we have ever acquired and will really allow us to create something truly special and be a truly self-sustaining village within a suburb.”
Gurner has made a name for its high-end apartment developments, recently adding another St Kilda site following on from the ultra-luxe Saint Moritz project.
Its growing pipeline now has an end value of circa $7 billion. Gurner capped off 2020 with the acquisition of a beachfront site in Port Douglas and submitted plans for a $60 million hotel and residences, and in October secured funding for a $120 million hotel, serviced apartment, residential and retail development in Melbourne’s inner suburb of Collingwood.
That came after Gurner obtained approval from the Victorian government for a $1 billion triple-tower project in Fishermans Bend with residential and office space.
