Property developer Gurner has released plans for a mixed-use development on the 10,000sq m South Melbourne site the company acquired earlier this month.
Located at 2-28 Montague Street, on the north-east corner of Melbourne's Fishermans Bend regeneration precinct, the site was secured off-market in a joint venture with the Nossbaum family.
The $1.5 billion mixed-use development will include nearly 800 residential and serviced apartments over three buildings, a hotel, restaurants, retail and 26,600sq m of commercial space.
[Related reading: Australia’s Largest Urban Renewal Area Targets Sustainability Initiatives]The developer has also shown interest in Australia's emerging build-to-rent market with a proposed 26 apartments under the multifamily model.
[Related reading: Gurner Plans 2200 Apartments at Newly-Acquired Site]
Notwithstanding Tim Gurner's comments to the AFR earlier this month that the project would be untenable if the state didn't remove taxes on investors, the founder said the project was carefully staged in order to start "as soon as possible [as to] begin the transformation of the precinct for Melbourne".
“We are currently seeking to include an affordable housing component of approximately 8 per cent however it is incredibly challenging to execute as there are currently no options available for developers to provide affordable housing [although] everyone loves to talk about it.