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$50 million penthouses: Gurner to raise the bar as $1.5 billion development plans for South Yarra’s Jam Factory are unveiled

Gurner

Our vision for the residential offerings will raise the bar in the luxury market even higher; I wouldn’t be surprised if we create a penthouse collection that will fetch prices of up to $50 million

There wasn’t too much to know about South Yarra’s old jam factory on the buzzing Chapel Street, until the prominent, now national developer, Tim Gurner took control of a part of the massive 18,000 sqm site.

Now Gurner’s development firm, Gurner, are set to submit plans for a massive $1.5 billion mixed-use precinct, comprising retail and entertainment, office and residential towers, an ultra-luxury hotel and a new public realm.

The globally renowned architects Bates Smart have put together the plans for the project, which is intended to create a vibrant new heart for Chapel Street while revitalising and restoring the Nineteenth Century heritage facades along Chapel and Garden Streets.

The development sees Gurner team up with the real estate manager Newmark Capital, who will deliver and retain ownership of the office space, and the leading real estate financier Qualitas, who will work with Gurner on the residential side. Gurner and Qualitas bought a chunk of the site from Newmark last year.

The expected public benefits include the creation of 1000 jobs during construction, 3200 ongoing jobs at capacity and $490M annual ongoing GVA to the Victorian economy.  The project is slated to launch publicly to the market in early 2022 with completion earmarked for 2025.

Gurner says the exciting precinct represents the alliance of three passionate property businesses working in harmony to create something that will do the incredible site justice and take everyone’s breath away.

Gurner

“Our vision for the residential offerings will raise the bar in the luxury market even higher; I wouldn’t be surprised if we create a penthouse collection that will fetch prices of up to $50 million,” Gurner said.

“The depth of the ultra-high end of the market is certainly there and we believe there will be significant investment from wealthy expats and global investors returning to Australia after considerable time abroad, along with a doubling-down of local luxury buyers.

“This project will see us take what we have learnt over the past 17 years – in particular our recent experience with Hawksburn Place Residences and Saint Moritz – and take these residences to a new level of exclusivity and luxury once again.

“I have always been drawn to heritage sites and the Jam Factory represents one of the most exciting revitalisation precincts in Australia. I am truly excited to be working on a project that will rediscover and celebrate a heritage that has been hidden from public view for many decades.

Gurner

Gurner says the team have been working closely with council to align the proposal with their feedback and advice, to ensure the development can be a precinct for the entire community – with something for everyone who will work, live, shop or even just pass through the area.

The centrepiece of the precinct will be a new split-level central public space with a large open staircase creating an amphitheatre for events

Open laneways and spaces will link Chapel Street with the retail and entertainment precinct, creating a 24/7 shopping, food, dining and entertainment destination.

There will be four luxury residential towers, which will have over 400 apartments.

In keeping with Gurner’s love for heritage buildings, the facade of the jam factory will be retained. Above will sit a curvilinear office building and a the residential towers, sat on stilts to welcome both people and light through.

Simon Swaney, director at Bates Smart, said there is a multiplier effect for the development given it combines hotel, retail, residential, cinemas and commercial – creating a greater whole.

“This will be an extraordinary place to work, visit and live,” Swaney said.

“It is a key Melbourne cultural site, a part of urban life in South Yarra, a very significant artefact of the industrial heritage of this area.

“The high-quality residential component will offer outstanding views to surrounding districts and even toward the bay.

“We feel excited and proud about the opportunities, both architecturally and as a development that will enliven this area and Melbourne,” he said.

Fast Facts

The proposed revised scheme, which is expected to be submitted to council this week, includes:

● A new public civic space in the form of a 1,700sqm, two-level plaza and amphitheatre

● Four luxury residential towers totalling over 400 ultra-luxury residences

● A 5-star hotel totalling around 180 keys

● A commercial floorspace totalling 22,500sqm of NLA

● Three levels of experiential retail and entertainment totalling 21,000sqm NLA, including the retention and redevelopment of the existing cinema offering

● A series of integrated laneways, based on the area’s original 1864 master plans

 

Article Source: www.urban.com.au

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Developments

Lacey Group appoint Hutchinson’s to build sold-out Gold Coast apartment developments The Monroe and Del Ray

The Monroe

The Monroe all-but sold out in May after just two weeks, while Del Ray didn’t even hit the open market, selling all of its 72 apartments prior to its launch

The family-owned Gold Coast developer, Lacey Group, are advancing their plans for their two luxury Gold Coast apartment developments, after securing two quick-time sell-outs.

Having just appointed the leading Queensland construction company Hutchinsons, Lacey Group, headed by director Adam Lacey, are fast-tracking construction for their $35 million The Monroe at Palm Beach, and the $63 million Del Ray apartments at Kirra.

The Monroe all-but sold out in May after just two weeks, while Del Ray didn’t even hit the open market, selling all of its 72 apartments prior to its launch.

“We are thrilled with the consecutive sales success of the Monroe and the Del Ray, both of which have been incredibly well received,” Adam Lacey, Director of Lacey Group, said.

The Monroe

he entry of Del Ray at Kirra. Image supplied 

“Palm Beach and Kirra are arguably two of the hottest beachfront markets on the coast right now, so it’s an exciting time to be pioneering the next generation of luxury living on its shores.”

Demolition works on both sites has now been completed, with full scale construction scheduled to take off in October.

On the construction partnership, Lacey said Hutchies have a brilliant reputation on the coast for delivering a dynamic portfolio of projects,

“We have full confidence that they will do justice to each project’s remarkable design.”

The Del Ray, designed by Plus Architecture, will encompass 72 two and three-bedroom apartments and townhouses, as well as a rooftop infinity pool and terrace, with sweeping views over the ocean, and an exclusive resident’s lounge.

Located at 7-11 Miles St, the project is within close proximity to the highly anticipated re-development of the Kirra Beach Hotel, set to offer the bustling Kirra Beach suburb a new entertainment hub and dining pavilion.

The Monroe will sit further south on Palm Beach’s Jefferson Lane dress circle. The project at 124-126 Jefferson Lane will see 33 two and three-bedroom apartments created, as well as a townhome and a luxury penthouse. That too will have a 250 sqm rooftop terrace with a swimming pool, fire pit area and views.

The Monroe

The Monroe’s luxury rooftop pool. Image supplied 

A large portion of purchases within The Monroe came from previous Lacey Group buyers.

Before the recent sell-outs at The Del Ray and The Monroe, Lacey Group had success with Jefferson, also at Palm Beach, and Southbreak in Kirra.

 

Article Source: www.urban.com.au

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Developments

Developer Spree Hits $150m on Beachfront Strip

Beachfront

It is the Gold Coast’s hottest half kilometre of absolute beachfront with a sand grab by developers hitting a $150-million high-water mark and still rising.

Even as The Urban Developer was compiling this report another sale was sealed along the Northcliffe Terrace-to-Garfield Terrace stretch between Surfers Paradise and Broadbeach.

The latest transaction is the second windfall for construction industry veteran Mick and Denise Power along the oceanfront strip that is on the cusp of a new era of high-rise development.

In a freshly-inked deal, the couple have secured a buyer for The Premiere, an eight-level apartment block on an 865sq m site with 20m of beach frontage at 71 Garfield Terrace.

It is understood the multi-million-dollar deal negotiated by CBRE’s Mark Witheriff and Rem Rafter was in the “high teens”.

That puts it among other recent Northcliffe Terrace-Garfield Terrace site sales that have set new benchmarks for absolute beachfront land with rates nudging $20,000 per square metre and beyond.

Beachfront

▲ Older-style apartment blocks that have dotted the Northcliffe Terrace-Garfield Terrace beachfront for up to 50 years are in the sights of developers. Image: 71 Garfield Terrace 

In July, the Powers pocketed $30 million from the sale of an adjoining 1500sq m beachfront holding at 75-79 Garfield Terrace.

It was acquired by Sydney developer Weiya Holdings, which in 2019 paid $18 million for the landmark Old Burleigh Theatre Arcade site on the southern Gold Coast.

Another Sydney developer, Stoyan Kiceec, has recently sealed a deal sight unseen for the six-storey 1970s Anglesea Court on a 1037sq m site at 9-11 Garfield Terrace.

Changing hands in a mortgagee-in-possession sale, its purchase price was a $3-million premium on the $16 million paid only last year before receivers took control of its short-lived former owner.

Kiceec told The Urban Developer it was an opportunistic acquisition that had unexpectedly set the scene for his X-site Group’s development debut in the heart of the Glitter Strip.

“We weren’t even looking up that way and found out late in the piece about the availability of the property,” he said. “The location was the thing that piqued my interest.

“So, we had to act pretty quickly. We probably did two or three weeks’ worth of due diligence in a day-and-a-half … and, ultimately, we were lucky enough to get it.

“Now, we’ve just got to wait for the borders to unlock so we can get up there and have a look.”

Beachfront

▲ Devine Development Group is planning to build a 38-storey golden tower at 7-9 Northcliffe Terrace. Image: DKO Architecture 

Kiceec said he had already binned the site’s existing development approval that allowed for a 16-level, 115-suite hotel.

“We’ve scrapped that completely … it didn’t take long to work out a hotel approval was not the way to go,” he said.

“We’re now working on a 23-storey boutique residential tower design with 37 high-end apartments and two floors of amenity.

“A lot of other developments are trying to squeeze in as many apartments as possible. Further up the road there’s a site of 800 to 900sq m with approval for 50 apartments and I get claustrophobic just looking at it.

“We could have done the same thing and hit 50 or 60 apartments but we’re looking for a specific point in the market and that’s just not the right feel.”

Ray White’s Mark Creevey, who negotiated the deal with colleagues Tony Williams and Matthew Fritzsche, said 188 inquiries were fielded and 23 formal offers put on the table.

He said with the only other nearby absolute beachfront holdings being along Hedges Avenue—the Gold Coast’s “millionaires row”—the Northcliffe Terrace-Garfield Terrace strip had attracted renewed focus from developers diving into the city’s booming luxury apartment market.

“There’s still quite a lot of older-style buildings from the 1970s and 1980s along that beachfront stretch and over the next few years it will go through a complete gentrification and urban renewal,” Creevey said.

The Gold Coast property sector has emerged as one of the strongest markets in the country during the pandemic with apartment sales surging 97 per cent in the first quarter of 2021.

“The impact of Covid on peoples’ psyche has created a desire for property on the Gold Coast and all the indications are that it will be a sustained strengthening in the market,” Creevey said.

“That, in turn, is giving developers the confidence to buy these sites and build projects.”

Beachfront

▲ Sammut Group and Alceon Group have plans for a 35-storey “luxury” tower in Surfers Paradise next to the Northcliffe Surf Life Saving Club. Image: PBD Architects 

The sales of The Premiere and Anglesea Court sites are the latest in a developer spree along the Northcliffe Terrace-Garfield Terrace strip that has gained considerable momentum during the past six months.

Veteran Queensland developer David Devine forked out $45 million for the 2251sq m beachfront site of the 14-level Surfers Royale at 7-9 Northcliffe Terrace. He is planning a $340-million residential tower with 108 apartments across 38 levels.

Only a few hundred metres away, Sydney-based Sammut Developments in partnership with Alceon is set to deliver a $200 million 35-storey tower with 49 apartments on the site of the ageing 10-storey Garfield on the Beach at 43 Garfield Terrace.

Melbourne’s most prolific apartment developer Central Equity also has unveiled plans for a 56-storey apartment tower after amalgamating 19 titles to create a 3259sq m block on the corner of Garfield Terrace and Frederick Street.

Meanwhile, billionaire Queensland businessman Brian Flannery and his wife, Peggy, have been quietly staking their own sizeable beachfront claim in a property play totalling almost $20 million.

It includes the Kuleena apartment complex at 27 Garfield Terrace and two other buildings to the north spanning a combined 2026 square metres.

 

Article Source: www.theurbandeveloper.com

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Developments

Plans Lodged for $300m Gold Coast Surf Park Village

Gold Coast

The Gold Coast development sector has been riding a perfect wave for the past year and now a new $300-million project wants to paddle on to it.

Six months after plans for a wave pool were unveiled for Parkwood—a suburb only a 15-minute drive to the city’s famed surfing beaches—a development application has been lodged with the Gold Coast City Council revealing the finer details of the Palm Springs-inspired integrated surf village.

The centrepiece of the resort-style proposal is a 4ha dual-zone surfing lagoon capable of generating “up to a 26-second end-to-end barrelling six-foot wave ride”.

Earmarked to sit alongside the existing 18-hole golf course of the 56ha The Club at Parkwood Village, the development is banking on a pent-up groundswell of tourism activity hitting the Gold Coast over coming years after borders reopen.

According to submitted documents, the mixed-use project aims to deliver “a landmark destination for surfers, tourists and the local community to play, dine, relax, shop, work and recreate”.

The bold vision requires council approval for an increase in “the scale and intensity” of an existing approval for the Napper Road site—boosting its allowable density from 135 units to 222 apartments across eight new buildings plus 12 four-bedroom surf villas overlooking the wave pool.

A hike in the existing building height limit from five storeys (18.2m) to eight storeys (28.5m) also is being requested to enable the planned development.

Gold Coast

▲ Surrounded by Palm Springs-inspired village of mixed-use buildings, the centrepiece of the $300-million Parkwood development is a 4ha dual-zone surfing lagoon. 

The masterplan includes a five-storey “Surf HQ” with wave pool reception, administration, patron induction/orientation space, change rooms, board storage, lockers, food and beverage options as well as co-working areas. It has been designed with a landscaped rooftop and building curves that portray “waves crashing into a headland”.

BDA Architecture’s design concept also flows across the surrounding apartment buildings with “a simple rhythm of moving curves that start as flat, moving into a ripple, then into a wave formation … increasing in intensity as it gets closer to the headland (Surf HQ)”.

“A simple composition of curved balconies, planters, screens, arches, breezeblocks, white brick facades and a landscaped rooftops defines the Palm Springs inspired buildings,” the DA states.

The integrated surf park resort also features a brewhouse, events centre, retail and commercial tenancies, 120-place childcare centre, a sports, health and medical hub (including the Gold Coast Titans training facilities), redesigned golf course and clubhouse, as well as relocated pro shop and wedding chapel.

Parkwood Village, headed by founder Luke Altschwager, has partnered with Canada-based wave pool manufacturer WhiteWorld to develop the surf, recreation and entertainment precinct.

Its giant wave lagoon will incorporate cutting-edge Endless Wave technology with “infinite programmable variability” to cater for all skill levels, with the capacity to have 75 people surfing per hour on multiple 12-second barrelling waves all happening simultaneously.

The Parkwood proposal is one of a few contenders fighting for the bragging rights to become Queensland’s first surf park, including a World Surf League-backed Surf Ranch at Coolum on the Sunshine Coast proposed by Brisbane developer Consolidated Properties Group.

 

Article Source: www.theurbandeveloper.com

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