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Half billion-dollar luxury precinct for upmarket Perth suburb

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Half billion-dollar luxury precinct for upmarket Perth suburb

Melbourne-headquartered property developer Gurner has made its first foray into the Perth market with a $500 million luxury apartment complex in upmarket Nedlands.

Melbourne-headquartered property developer Gurner has made its first foray into the Perth market with a $500 million luxury apartment complex in upmarket Nedlands.

Once complete, the precinct will combine approximately 275 high-end apartments across three buildings which will be delivered in stages of 60-100 residences per stage.

The site, built on more than 6,000 square metres of prime Stirling Highway real estate, is a joint venture with Geelong’s Costa Property Group and Grange Development.

Complementing the residential component will be more than 3,500 square metres of commercial, entertainment and retail space, along with a health and wellness offering.

The team at Gurner is currently making changes to the existing permit to create a town square and public realm across the ground level and first floor, with family entertainment and stunning outdoor areas, large-scale retail, a hospitality precinct, a health and wellness precinct and a high-end commercial office component.

The three towers of up to 24 storeys replace the initial plan for four towers of up to 26 storeys.

At the time it was approved, the project cost was estimated at $320 million, but Gurner said the project would cost $500 million.

The updated plan increased the number of car parks from 464 to 504, with the addition of a fourth level basement.

The site, situated at 97 – 105 Stirling Highway, is currently home to two top-end automotive brands, Porsche and Bentley, and the area’s median house price of $1.91m makes it one of the city’s top-five most expensive suburbs according to REIWA.

The two original developers and Gurner will share a 50-50 split in the project.

The site is one of the most significant regeneration precincts in Nedlands and will include an activated ground plane with public laneways and a plaza, communal lounges, a rooftop pool, garden and deck, children’s play areas, and large landscaped balconies.

Welcome boost

Gurner CEO, Tim Gurner, said the company had been eyeing the Perth market for the past eight years.

"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," he said.

Elenberg Fraser, the architect that led the original scheme, will be retained. Elenberg Fraser principal, Reade Dixon, described the project as the most exciting development precinct in Perth.

"The project has been designed as a contemporary reimagining of the architectural character of Nedlands, taking inspiration from the affluent detached houses and their garden settings to create an authentic, performative architecture and landscape."

The project will join the future Nedlands Stirling Highway Activity Corridor Precinct, which will stretch from Loch Street to the west of the project and Clifton Street to the east.

Gurner manages $7.5 billion of apartment projects comprising 8,500 dwellings across Australia.

Gurner entered into the New South Wales and Queensland markets in 2021 with acquisitions across Sydney, Parramatta and Gold Coast.

Perth is now one of the key cities firmly in Gurner’s sights, as the acquisitive developer continues expanding its build-to-sell and build-to-rent pipelines in markets where the fundamentals stack up against its development model.

The development is welcome news for an industry that has seen an estimated 40 per cent increase in costs since late 2019 before the pandemic arrived, with numerous big developers hitting the wall.

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