Melbourne-based developer, GURNER, has made a successful leap into the Queensland property market with $300 million in sales for his Fortitude Valley development secured within three months of release.
Since the FV project launched, GURNER has officially sold 651 apartments in record time, with the project’s final tower expected to hit the market in the second quarter of this year.
Elenberg Fraser has designed the final tower for the FV project, which is set to feature a 700 square metre rooftop club and concierge service, rose gold taps, feature lights and floor to ceiling windows.
Gurner originally purchased the Fortitude Valley site for a combined total of approximately $25 million, and since the purchase he has been offered upwards of $90 million for the site.
Tim Gurner, Founder of GURNER is planning on keeping the site to build a profile in Brisbane, and is in no rush to accept any offers - no matter how high they go.
“We’ve had offers three times what we paid for FV, but that’s not really what we’re about,” Mr Gurner told The Australian.
“The same happened in Melbourne. I’ve had sites where they have offered two to three times what we paid. I want to deliver them.
“I’m still looking aggressively at Melbourne and Brisbane but I am being very, very careful not to get caught up in the hype.”
Prices per square metre in Brisbane have risen from $4,000-$5,000 to $8,000-$12,000 Mr Gurner explained.
“That is Melbourne prices and I’m not sure it’s worth it.” Stated Mr. Gurner.
This price hike comes after Singaporean company Roxy-Pacific Holdings announced it had bought two South Brisbane development sites with their joint venture to a total value of $33.62 million.