- The soon to be refurbished Southbank tower will feature 394 build-to-rent units and several luxury visitor drawcards
- Formerly home to Eve Nightclub owned by Catalfamo family, set to transform into residential, retail and entertainment hub
- Project assisted by $1.2 billion GQ Build-to-Rent Fund, marks second seed asset with more in pipeline
Luxury property developer GURNER™ and real estate fund manager Qualitas have confirmed plans for a $350M Southbank tower development.
The companies established a partnership in early December last year before raising $1.2 billion in funds for the GQ Build-to-Rent platform.
Innovative design new to the Southbank rental market
The GQ platform confirmed it has acquired 334 City Road, Southbank, and plans to develop the site into a residential, retail and entertainment hub.
The site was formerly home to Eve Nightclub and owned since 1999 by the Catalfamo family, founders of the Australian Meat Group.
The Catalfamo family has remained on board for the development, joining the project as a joint venture with GQ and planning to retain ownership in the asset.
The Southbank tower will feature 394 build-to-rent units, spanning 41 levels.
The tower will also boast multiple visitor attractions including but not limited to ground-floor retail space, hospitality spaces, a health and wellness centre, a cinema and an entertainment precinct.
Tim Gurner, GURNER™ founder and director, highlighted the luxurious features that will cement the Southbank development as a high-end option in the local rental market.
“Our Southbank project at 334 City Road will bring together world-class amenities, luxury interiors, facilities and service, allowing us to provide leading residential options to those at the top end of the rental market.”
Tim Gurner, GURNER™ founder and director
Qualitas global head of real estate and co-founder Mark Fischer emphasised the development will bring a fresh new rental option to the Southbank area.
“This investment allows us to deliver a differentiated rental product to a neighbourhood that is fundamentally a strong rental catchment but has a homogeneity of offering to those customers,” he said.
The tower’s exterior has already undergone refurbishment by Warren and Mahoney architects, overseen by principal architect Nick Deans.
“Importantly, the project is designed around providing a rich resident experience including a fully activated podium and high-quality apartment layouts within a highly-contemporary design response.
“All design is underpinned with a strong stance on sustainability – with the building being net zero in operation, using no gas, bearing a 5-star green star rating, and a 6.5 star NATHERS rating,” said Mr Deans.
Strong vision for the future of GQ
According to Mr Fischer, the $1.2 billion in funds raised for the GQ Build-to-Rent platform were pivotal in proceeding with the Southbank plans.
“The fresh capital raise of $1.2 billion, and the market’s reaction, has reinforced the confidence we have in the GQ platform, and its ability to transform the build-to-rent market by combining market leading development, investment management and operational capabilities,” he said.
GURNER™ and Qualitas have a strong vision for the future of the GQ platform fund, with an objective to develop over 5,000 apartments within the next few years.
“We have a very strategic business plan for our build-to-rent platform, and South Melbourne is Melbourne’s most-established and mature rental market, making it an obvious target location for us,” Mr Gurner said.
“This site is the epitome of what we are trying to create in the fund, with iconic locations where our buildings can set a new benchmark for what is possible, and where our clients can walk to the best that Melbourne has to offer.”
Tim Gurner, GURNER™ founder and director
The Southbank project marks the GQ platform’s second seed asset, with the group also holding two additional seed assets in Melbourne.
“Having recently announced the first seed asset for the fund in Parramatta, we are now
executing on our Melbourne pipeline as we seek to deliver more projects of this scale and significance, in order to create a market-leading product,” concluded Mr Fischer.