Property developer Gurner will look to North Fitzroy where they plan to create a multi-level commercial and retail precinct.
Located on a 3,300 square metre site at 81 – 89 Queens Parade, the development will be designed by Cox Architecture to interact closely with an existing Gurner residential project that sits 100 metres away at 26-56 Queens Parade.
“In terms of locations that fit our development philosophy, Collingwood and Fitzroy are among our top suburb picks not only just in Melbourne but Australia-wide,” Gurner Director Tim Gurner said.
“By the end of 2019 we will have completed over 1750 apartments across no less than 20 buildings within 700m of each other and brought some of Australia’s best restaurant and café operators to the area. It is a very exciting time for the area and for us to be so heavily involved.
“Diversifying into commercial is the natural next step for us as we look to create world-class commercial amenity to rival the quality of our residential projects.
Mr Gurner said Collingwood and Fitzroy continue to be key strategic growth suburbs for the firm, with seven buildings completed there in past two years alone, the pending redevelopment of Johnson Street’s Spanish Club and a further three major sites currently in planning and within walking distance that will add over 1,250 apartments to the developer’s pipeline.
“Collingwood and Fitzroy have some of the most lively strip shopping precincts in Melbourne, fuelled by creativity and a healthy mix of retail, hospitality and service businesses and a very large percentage of residents aged between 25-40 years old," he said.
“The local population in the City of Yarra is forecast to grow by 30 percent in the next 20 years, so we see a unique opportunity to cater for the business and commercial needs of the area.
“Commercial buildings present an exciting opportunity for us to innovate and push the boundaries of commercial building design, just as we do with our residential projects, in order to incorporate a sense of luxury and sophistication into these offerings on a scale not seen outside of the CBD before."The developer is now gearing up to submit planning documentation to council in the coming months, aiming to take the project to market some time in 2018.
The deal will add $90 million to the developer’s portfolio that currently spans Brisbane, Melbourne, Sydney and Geelong.