Only two months after its Perth debut, luxurious developer Gurner has entered the Adelaide market after securing a website owned by Kennards Storage to create a $1.25 billion mixed-use CBD precinct.
Located at 237 Grote Avenue, the 1.7-hecatre undertaking will characteristic greater than 750 residences throughout 4 towers, a five-star resort, 15,000sqm of retail and industrial house, an leisure and recreation element, and a public plaza.
The positioning may even turn into Kennards Storage’s headquarters as soon as an present Australia Submit constructing is repurposed into retail shops, self-storage models, in addition to co-working areas.
Gurner founder and CEO Tim Gurner mentioned the workforce had “been ready for the suitable time to enter South Australia, and we predict that point is now”.
“That is an unimaginable website, and we couldn’t be happier to be partnering with such iconic Australian success tales in Kennards and Sam, to convey a shared imaginative and prescient for the event to life – we’ll be creating one thing very bold, one thing that hasn’t been completed earlier than on this sector,” he added.
“This can be a very important transaction by way of scale and worth for the Adelaide market, which displays the boldness we’ve out there and its fundamentals.”
“We definitely see Adelaide as one in every of Australia’s cultural epicentres – it’s a tremendous metropolis and we’re wanting ahead to delivering one thing particular there, and persevering with to push the boundaries in not simply the residential house however throughout service, amenity, hospitality and life-style.”
Bought in 2020 by Kennards Self Storage, the positioning was initially slated to turn into a self-storage facility for the 49-year-old firm, which had its plans hampered because of COVID-19.
“We approached Gurner as a part of a small expression of curiosity (EOI) course of and their imaginative and prescient for the positioning completely blew us away – there isn’t any doubt their daring proposal will create a brand new landmark for Adelaide’s CBD,” Kennards Self Storage CEO Sam Kennard mentioned.
“We’re delighted to be partnering with such a forward-thinking developer with whom we will collaborate and create a singular precinct for Adelaide and a primary for our trade on the similar time.”
Whereas there isn’t any allow in place for the CBD location – which has three avenue frontages on Grote Avenue, Gouger Avenue and Blenheim Avenue – present zoning and planning controls permit the Melbourne-based developer to proceed with the mixed-use undertaking.
The transfer comes lower than two months after Gurner was granted approval for a $1.5 billion redevelopment of the Jam Factory in Melbourne, which is able to characteristic 400 luxurious residences, a five-star resort, and an improve to the prevailing cinema.
It got here after the group confirmed it might be working alongside businessman Dean Montgomery in a $300 million redevelopment of Geelong’s historic wool store – which was constructed in 1872 – to see it turn into a resort, retail and residence district near the town’s waterfront.
In February, Gurner additionally teamed up with financer MaxCap Group to develop a $120 million 22-storey residential tower in the Gold Coast, which is able to ship 80 flats in one in every of Australia’s ‘hottest markets’ – Burleigh Heads.
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