Melbourne-based property developer,
GURNER™ has ignited the Brisbane property market with 607 of 651 apartments sold at its landmark ‘FV’ development in just twelve weeks since the initial launch. To date over 93 per cent of the apartments in Flatiron and Valley House have been sold, representing a combined market value of over $300 million.
With the project’s first building, ‘Flatiron’, receiving unparalleled attention from the local market, GURNER™ fast-tracked the release of the second building, ‘Valley House’, after just three weeks in order to meet demand for what is going to become Brisbane’s most Iconic development.
The developer has now released the final Platinum Collection of apartments which represent the most premium 50 apartments situated in the upper and middle levels of each building, providing choice and flexibility for interested purchasers.
GURNER™ founder, Tim Gurner, said sales had exceeded his expectations with enormous interest received from the local owner occupier and investor market.
“The project’s sales rate has been absolutely astounding – I can honestly say I’ve never seen anything like it in Australia," he said.
“We had two consecutive weeks where the team sold over 180 apartments per week, and many weeks where we have done between 50 to 100 deals.
“We have now sold in twelve weeks what we expected to achieve in twelve months. It’s been absolutely phenomenal and a credit to
360 Property Group and our the entire project team."
Mr Gurner said the demand from the local market in particular has completely blown the company away.
“Roughly 25 per cent of the project’s sales so far have come from owner occupiers who have all targeted the higher priced apartments featuring incredible views of the Brisbane River, Story Bridge and CBD. This figure sits directly in line with Fortitude Valley’s suburb demographic profile which suggests 75 per cent of all dwellings are rented," he said.
“Furthermore only 12 per cent of FV has been sold offshore to date which is absolutely unheard of with a project of this scale and a huge testament to the entire project team."According to Mr Gurner, buyers have ranged from first home buyers purchasing $360,000 apartments through to downsizers and executive purchasers snapping up one of the coveted multi-million-dollar penthouses.
"All four penthouses have now sold, achieving prices of $1.45m, $1.55m, $1.7m, and $1.8m respectively, representing a rate per metre of over $15,000 which is a figure usually only achieved in the more established luxury markets of Melbourne and Sydney,” he said.
Mr Gurner said the project’s early success reflected the project’s attention to detail and unique product offering.
“In today’s competitive market there is no margin for error. From the design, branding, marketing and location through to a well thought-out product mix, sales strategy and even building the right sales team who believe in the vision, everything has to be perfect - and even then it’s still difficult given it’s such a competitive market," he said.
“With FV we worked with Elenberg Fraser to create a project that will become one of Australia’s best developments and certainly an international icon for Brisbane’s skyline. We then created an unparalleled amenity offering which includes the FV Private Club, to deliver an experience unlike anything else like it in Brisbane."Mr Gurner says GURNER™ sees Brisbane as one of the most dynamic markets in Australia thanks to its property and population growth forecasts, the continued investment into infrastructure and the urban renewal of some of the city’s key suburbs.
"Brisbane is the only market in Australia currently returning rental yields of around six percent, and its median house price is projected to grow by 17 per cent over the next three years.
“FV is located in one of the most up-and-coming locations in the heart of Fortitude Valley, which is just 400 metres from the CBD offering the combination of nightlife, culture and an emerging café scene. It can only be compared to Melbourne’s St Kilda or Sydney’s Woolloomooloo – two of Australia’s hottest property markets.
“It’s no wonder the local market has been so quick to capitalise on the launch of Flatiron and Valley House, as it offers a truly unique point of difference,” he said.
The project’s first building, ‘Flatiron’ - inspired by New York’s iconic slender building of the same name - features a sweeping bronzed building sitting atop an elevated landscaped podium offering a striking curved façade reminiscent of New York’s Broadway strip.
The second building, ‘Valley House’, is a sculptural marvel, with five star resort-style facilities and a 25-level vertical garden cascading down the curvilinear façade.
GURNER™ now plans to bring FV’s third and final building to market early next year, which will be targeted towards local owner occupiers and downsizers.
This final building will also deliver a premium retail precinct at ground level with a level of luxury akin to Brisbane’s Emporium precinct and a new cultural offering reflective of Brisbane’s celebrated James Street precinct.
The FV display suite is located at 147 Alfred Street, Fortitude Valley and is open by appointment only.