Apartment developer Tim Gurner has acquired a development site in Collingwood in inner Melbourne where he plans to build about 170 luxury apartments.
Mr Gurner acquired the 1800-square-metre site at 23-33 Johnston Street from owners the Martino family in a $12 million off-market deal.
The property was acquired in a joint venture with Angelo Martino.
It is the fifth Melbourne acquisition for Mr Gurner in two years and the third this year following deals to acquire sites in Fitzroy North and Prahran, in partnership with the Smorgon family. It will also be Gurner's 16th building in the area.
"Collingwood is just one kilometre from the CBD and is one of the most desirable suburbs in Melbourne to live in, thanks to its incredible architecture, heritage and resurgence in recent years as one of Melbourne's cultural capitals," Mr Gurner said.
"Whereas 10 years ago Collingwood was populated with renters and struggling artists, now families and professional couples are looking to Collingwood as the perfect location to invest in a luxury home."The latest acquisition adds $130 million in end value to Gurner's $2.6 billion development pipeline.