- Asset to deliver 300 residences upon completion
- The two towers will span 12 and 28 levels
- $300 million tipped as end value
The GQ platform, backed by GURNER™ and Qualitas has unveiled their latest build-to-rent seed asset – Beach House – said to have a $300 million end value.
The dull-tower residences is will be located on a 2,353 square metre site in St Kilda Junction, offering 300 dwellings across over 3,700 square metres upon completion.
GURNER™ founder and director, Tim Gurner, said he was thrilled to announce the new development in St Kilda.
“I have always loved St Kilda and I’m a huge believer in its future – this development will be an important gateway to the area,” he said.
“We hold a lot of responsibility in ensuring it becomes a timeless design statement that people are proud of.”
“Our build-to-rent platform is primarily focused on impeccable design and environmental standards – this St Kilda precinct will lead the way in that regard.”
Tim Gurner, GURNER™ founder and director
The towers will feature an abundance of wellbeing and entertainment facilities. Some of these include a commercial gym, children’s play area, day spa facilities, cinema room, rooftop bar, swimming pool, bowling alley and table tennis tables.
When completed residents will be able to enjoy panoramic views of the Melbourne CBD and the St Kilda coastline.
In addition to the residential opportunities, Beach House will offer 1,563 square metres of lettable retail and commercial spaces.
Recently, the developers announced a build-to-rent development in Southbank which has an end value of $350 million.
Qualitas global head of real estate and co-founder, Mark Fischer said he was excited to announce that Crema Construction has commenced construction on the site.
“With Crema Constructions appointed to deliver this high-quality project, its focus on sustainability standards will ensure we are delivering an enduring asset for our investors,” Mr Fischer said.
Architectural firm Warren and Mahoney are responsible for the design of Beach House.
Warren and Mahoney principal architect Nick Deans explained that residents would be able to simultaneously enjoy the lifestyle of a seaside oasis and the features of a luxury hotel.
“Inspired by the sea, and created with the build-to-rent market in mind, Beach House’s
design is both elegance and informality, and visually represents a nod to the shoreline suburb of St Kilda,” Mr Deans said.
“Its base structure presents with a textural, warm, sandstone-inspired podium of elegant, curved forms, which is complemented by residential towers bearing a light, glazed aesthetic reaching into the sky,” he said.
Beach House is the third in a series of build-to-rent sites recently announced by the GQ platform. These included a site at Southbank and one at Parramatta.
“The third acquisition for the platform provides us with the critical mass to become a significant player in the build-to-rent sector, a very short time after its launch.
Mark Fischer, Qualitas Co-founder
“This gives us a significant base from which to build, as we continue to deploy our committed fund capital into attractive off-market opportunities,” Mr Fischer said.
