Property developer Gurner has expanded its portfolio into New South Wales, acquiring the rights to develop a combined prime site of over 3,950sqm in Sydney’s south eastern suburbs.
Located at 444 Gardeners Road, Alexandria, and running the entire length of the block through to Birmingham Street, the former industrial site involved the acquisition of two separate land parcels, the first of approx. 2,275sqm, with Gurner entering into a Joint Venture for the adjoining site of 1,675sqm with the land owner.
The combined deal for the land is estimated at between $22-24million.
Gurner founder and Director Tim Gurner said the developer’s first acquisition in Sydney represented the ‘first of many’ in the coming years.
“This Sydney acquisition represents a growing diversity of our portfolio as we look to secure projects in every Australian state within the next few years.
“Brisbane and Melbourne have been our main focus thus far however we are keen to now re-weight our portfolio to ensure we are maximising opportunities in each state and always diversifying as each market changes,” he said.
Once complete the development will feature two high-end commercial showrooms fronting Gardeners Road and a café on Birmingham Street, along with approximately 100-120 luxury two and three bedroom apartments.
Gurner has enlisted New Zealand-based architect firm, Warren and Mahoney to design the project. Warren and Mahoney has previously partnered with Gurner on a number of projects in Melbourne including 28 Stanley Street and the forthcoming regeneration of Fitzroy’s famed Spanish Club.
Warren and Mahoney Senior Design Director Andrew Barclay said the project had been designed to interact with two distinct urban contexts, and would deliver a unique response to ensure Sydney’s planning guidelines are not only met but exceeded within the luxury apartments.
“The architectural concept smoothly transitions between its two street addresses in a singular form, allowing both edges to be equally engaged.
“The development responds to Sydney’s mandatory amenity requirements in a unique way; natural light and ventilation, outlook and views and on-site amenity are provided with a mix of single storey and two storey, dual orientation apartments to maximise access to sunlight and views,” he said.
Gurner will now commence the pre-planning and design process and aim to submit plans to council within the next two months, affirming the developer’s plans to expand its operations into multiple states along the country’s eastern seaboard.
The project likely to launch to the market in mid-2017.