Property developer Gurner has acquired a 10,000 square metre site in Melbourne's Fishermans Bend precinct with plans to develop a $1.5 billion mixed-use precinct.
The site was secured off-market and will be developed in joint venture with the Nossbaum family.
The site is located within the 485-hectare urban regeneration precinct at 2-28 Montague Street, and is currently occupied by a Mazda dealership and elevator company Otis.
The founder, however, placed a large caveat on the mixed-use development -- telling the Australian Financial Review that plans would not "kick off" until investors returned.
I could not launch this project today. There would have to be a reduction in the massive taxes the state has imposed on investors or I will have to wait until the market adapts to the changes."
In any case, Gurner's mixed-use plans will steer away from a dwelling-exclusive project -- opting to incorporate childcare facilities, serviced apartments, a 4.5 star hotel and restaurant, a large commercial office component and over 9,000 square metres of retail as well as over 2,200 residential apartments.