Tim Gurner, who appears third on the Australian Financial Review’s Rich List, has said that he can’t keep up with demand for boutique apartment projects.
Throughout 2018 many have touted and cautioned that Melbourne’s apartment market is facing imminent oversupply. Mr Gurner however is quick to retort, stating that in his view the market remains “incredibly strong”.
Recently Mr Gurner has secured a permit to develop a $40 million high-end complex encompassing 39 apartments and ground floor retail in Melbourne’s inner north suburb of Collingwood.
"Projects like this (one on Smith Street) I believe will be very successful no matter what the market is doing,”
"We cannot deliver these unique projects fast enough to keep up with the demand."
This will mark Mr Gurner’s 23rd acquisition in the inner-north precinct, an area renowned for heritage listed facades. He purchased the site in 2017, when original plans were to develop 65 one and two bedroom apartments. Due to the perceived continual strength of the high-end owner-occupier market, the floor plans were reconfigured to present fewer, but larger offerings.
The development designs were drawn up by Warren and Mahoney Architects, retaining the heritage shop fronts while making improvements to the interiors for new retail tenancies.
The residential component will include a communal rooftop featuring private spas, a pool and individual retreats.
Over the next three years, while this development takes shape, Mr Gurner remains busy with multiple other projects dotted around Melbourne. A $90 million commercial and retail project is planned for Queens Parade in North Fitzroy, another residential development has been approved on Johnston Street in Collingwood, and Mr Gurner will also be taking on a $500 million luxury apartment re-development of the renowned Novatel Hotel on St Kilda’s Promenade.
*Source - The Australian Financial Review
Image is a map of some of Tim Gurner's project - courtesy of Gurner.com.au