Luxury property developer, GURNER has acquired two new development sites located just 20 metres and 200 metres respectively from the developer’s recently sold out $650m ‘FV’ project in Brisbane’s Fortitude Valley.
The first, located at 156-162 Alfred Street in Fortitude Valley, is a combined 1665sqm site located adjacent to FV, with a current long-term lease agreement in place with the Queensland State Government.
GURNER acquired 162 Alfred Street on-market and later 156 Alfred Street off-market from a separate entity.
The second asset is The Flying Cock Hotel located at 388 Brunswick Street, a 2,872 sqm site with un-interrupted views of the river and CBD skyline.
An acquisition price was not disclosed for the assets.
GURNER has plans to develop the Brunswick Street site (pictured) into another luxury offering of approximately 250 apartments and to deliver what it calls “an incredible concept bar and restaurant precinct at ground level and first floor to rival the best in the world”.
The design team is also investigating a sky bar elevated above the building.
When completed the developments will amount to a combined $290 million-plus investment in Fortitude Valley which founder Tim Gurner says reflects the strong market outlook for Brisbane and Fortitude Valley in particular.
The acquisitions will take GURNER's development pipeline in the suburb to over $920 million with a combined total of over 1,370 apartments under development.
Mr Gurner said the Alfred Street acquisitions were part long-term strategy due to the building’s existing long term lease, and part risk management in order to protect the quality of the precinct and views from the developer’s neighbouring FV project.
“When designing FV we spent tens of millions of dollars to really go the extra mile and ensure this project would set a new benchmark for luxury design, amenity and retail activation in the area,” Mr Gurner said.
“We have now purchased both Alfred Street sites to ensure we can continue to invest in the ongoing enhancement of the area and protect the views and quality of the precinct for our buyers.
“The last thing we wanted was for another developer to come in and deliver a product and design that did not live up to what we are trying to achieve in the precinct,” he said.
“We have been inspired by what Tim Forrester’s business, Aria Property Group, has done for South Brisbane and we are keen to replicate that type of transformation in Fortitude Valley.
“By purchasing this site we can maintain our commitment to the purchasers of FV that whatever is developed here will be in keeping with the high-end luxury aesthetic our purchasers and clients have come to expect, while also preserving as much of FV’s view lines as possible."“We are currently assessing the project’s proposed design intent but rest assured we will be specifically looking at minimising the impact on FV’s view lines and the building will be shaped specifically to assist with that.
“Our buyers were all aware that the site was being sold, and we believe they will now be relieved that we have been able to secure the site, and the adjoining site as well, to ensure the quality they have come to expect from GURNER will be upheld.
"Our dedication to luxury amenity and iconic architecture is what defines us as a brand and we have proven with the success of FV as well as our multiple projects in Melbourne that this is what the market wants."GURNER will now embark on a pre-planning and design process with the Brunswick Street site slated for launch sometime in 2016.