- Marks the developers first foray into the Perth property market
- GURNER joins original developers, Costa Property Group and Grange Development
- To be released over several stages, it is expected to house 275 apartments
Developer GURNER has today announced its maiden voyage into the Perth market, with a 6000 square metre site in the premium of Nedlands to be transformed into an ultra-luxury precinct in an already-announced project.
To be developed in a joint venture with Geelong’s Costa Property Group and Grange Development, upon completion it will be home to around 275 high-end apartments across three buildings. Current plans involve delivering 60-100 residences per stage.
There was controversy when the project was announced last year, which led to the resignation of the Mayor.
The GURNER team is currently modifying the existing permit to facilitate the construction of a Town Square and public realms across the two floors, girt by large-scale retail, health, commercial office and hospitality precincts.
Along with the activated ground plane, the project will also feature a children’s play area, a plaza and a rooftop pool, all of which the developer said will boost the local community.
Currently, the site at 97-105 Stirling Highway is home to Porsche and Bentley. On top of this, Nedlands has a median house price of $1.91 million – one of the most expensive suburbs in Perth, according to REIWA.
The project will join the Nedlands Stirling Highway Activity Corridor Precinct, which sits from Lock Street to Clifton Street.
GURNER will have a 50% share of the project, with the two original developers sharing the remaining stake.
Elenberg Fraser, the original scheme’s architect, will be retained.
“Elenberg Fraser is thrilled to have the opportunity to design such a significant piece of the future Nedlands Town Centre,” said Elenberg Fraser principal, Reade Dixon.
“We think it is the most exciting development precinct in Perth.”
Mr Dixon added that the project is designed to meet a “contemporary reimaging” of Nedlands’ character which includes affluent detached houses and their garden.
“The project comes out of a new biophilic research platform for our practice, which is focused on wellness and wellbeing, as demonstrated through the considered layered architecture, integrated landscape and commitment to be Perth’s first carbon neutral mixed-use project.”
Going west
The announcement adds to an extraordinary year of growth for the Melbourne-based developer, which has significantly expanded its build-to-sell and build-to-rent portfolios across the eastern seaboard.
GURNER CEO Tim Gurner said he and the team were very humbled to be partnering with Costa and Grange on the project.
“We are very excited to announce our first major development in Perth – it’s a market we believe has incredible potential, particularly in the next five to ten years, as it continues to mature from a mining city into an economic powerhouse.
“We have had our eye on the Perth market for over eight years now, waiting for the right opportunity – we wanted our first site to be an iconic project of significant scale in a prime suburb, so we could set the tone for future expansion in Perth.
“We look forward to bringing our sought-after owner-occupier product to the premium Nedlands locale, where there is limited supply.”
Tim Gurner, GURNER CEO
“The site is a strategic play that will be launched when the market allows it to – with construction pricing such an issue in Perth at the moment, we will wait for the right time to ensure we can offer a superior product to the market.”
Both the Costa Property Group and Grange Development added they were excited to be working with GURNER on the new project.
“Costa Property Group’s founder, the late Frank Costa AO, advocated partnerships with truly unique individuals to create inspired outcomes for residents. Tim Gurner is such a partner, and he will bring a unique flair to this development,” said Costa Property Group CEO Carl Schokman.
“Grange is delighted at the opportunity to partner with GURNER on this landmark and iconic project in Nedlands – the JV will bring to life a true high-end town centre that the community has been longing for, with a level of amenity and quality of finish that the western suburbs have never seen before,” added Grange Development managing director, James Dibble.
