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Gurner Sells $50m Worth of Penthouses in Toorak

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Families, not downsizers, have emerged as the new demographic swapping houses for luxury residences in Melbourne-based developer Tim Gurner’s latest development.

Penthouse-size residences averaging $3.7 million were snapped up as local families secured up to $50 million worth of property at the $90 million Hawksburn Place Residences.

Seven of the 22 penthouses have sold off-the-plan with buyers paying between $20,000 and $25,000 per square metre, in what Gurner describes as a “record-breaking off-market campaign.”

Gurner developed the project at 162-164 Williams Road in Prahran in partnership with Australia’s richest family, the Smorgons.

Related reading: Are These Australia's Most High-Tech Apartments?

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While the downsizer market has caught the attention of developers more recently, Gurner director Tim Gurner says its families who have dominated sales for the Hawksburn apartments.

“The family demographic has surprised us the most – most of our purchasers so far have been between the ages of 40 to 60, with either teenage kids or small children, just wanting an easier life,” he says.

“We are seeing a real movement towards families making a lifestyle change, swapping a large home for a more luxury but convenient lifestyle.”

Related reading: Gurner Ditches 'Las Vegas' Design and Wins Council Approval

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The original project plan encompassed 60 apartments, but after testing the market with the release of Albert Place Residences where the penthouse sale achieved a $23,500 price per square metre, the developer decided to combine the floor plans scaling down the residences to 22 three-bedroom, penthouse-sized residences.

Gurner has now publicly launched the remaining three-bedroom residences.

The properties offer floorplans priced from $1.575 million up to $4.75 million, including one final penthouse that was initially held back from market, it includes its own pool, a wrap-around terrace and city views.

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Article originally posted at: https://theurbandeveloper.com/articles/gurner-sells-50m-worth-of-penthouses-in-toorak