Proving there’s still strong demand in the luxury residential market, developer Tim Gurner’s Spanish Club Residences sold out in just three hours after launching to market.
The 32-apartment project, worth a combined $35 million, is located on the site of Johnston Street’s Spanish Club Hogar Español.
The Melbourne-based developer, who formed a development partnership with the club in 2015, said the project garnered so much interest, “we really could have sold the project five times over.”
The project’s 32 apartments, including six three-bedroom penthouses, sold off-the-plan on April 21 in three hours after 150 people registered interest in the development.
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The sales result will be especially sweet for Gurner, who battled planning authorities for two years to gain a permit for the project.
The Supreme Court ordered the Victorian Civil and Administrative Tribunal re-hear Gurner’s application after it was rejected in April 2017.
Gurner stands strong in his belief that “unique” projects accurately priced for the right market will continue to sell, and that demand will remain strong as long as population and housing needs continue to grow.
“While the media loves to talk down the market, the fundamentals are incredibly strong,” Gurner said.
“We are simply not building enough housing to cater for our ever-growing population and until we see a major increase in supply or a huge drop in immigration, we are only going to see the market continue to grow and expand.”
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The developer said the Spanish Club was an iconic feature of Fitzroy’s heritage.
“We wanted to ensure we did the Club justice by delivering something truly special,” Gurner said.
Incorporating the original heritage façade, architect Warren and Mahoney's design features strong Spanish themes — patterned ceramic tiles and intricate ironwork feature throughout the seven-level building.
“The market has embraced the project and it is very humbling to see all our hard work pay off,” Gurner said.
Construction is planned to commence in the coming months with completion planned in late 2019.
The sell-out success of the Spanish Club Residences has prompted the developer to bring forward the launch of its $350 million Wellington Street, Collingwood project.