‘The Townhomes’, a Gurner project located in South Melbourne, experienced a sell-out of its 15 luxury residences in just two days and well before its intended February market launch.
The project was announced as ‘coming soon’ to Gurner’s private database prior to its public release, and sold to local owner occupiers, priced between $875,000 and $1.7 million and with sizes ranging from 120 square metres to 200 square metres. The sales were valued at $25 million total.
Gurner Director Tim Gurner said the sales result was delightful but not unexpected, and further evidence against talks of Melbourne market oversupply.
“Unique features like the custom spiral staircase which was designed to look like an art installation, the roof top spas with incredible views or the feature bath in the master bedrooms looking over the city skyline are just many of the factors that buyers were drawn to.”
The Townhomes features 15 luxury residences with interiors designed by international designer, David Hicks.
“The site would have easily yielded apartments however as always we were looking for an edge and point of difference in the market and saw the demand for luxury townhomes in South Melbourne,” Mr Gurner said.
“By bringing David Hicks on board we knew we could appeal to the privileged owner occupier market and create something incredibly special and unique.
“The sellout of The Townhomes in such a short space of time … reinforces my view that the luxury end of the market is not going anywhere, and projects that speak to this owner occupier and downsizer demographic will continue to outperform other projects,” he said.
The project obtained a permit in mid-2016 to create a modern interpretation of the iconic terrace homes of London and New York, with the finish and detailing of a multi-million- dollar Toorak or South Yarra home.
The resulting design is minimalist and restrained, featuring floor to ceiling glass facades that showcase a custom designed spiral staircase that connects each level of the three and four storey homes.
Many of the homes boast a luxury rooftop with city views and a decadent rooftop spa, BBQ and dining area, while the bespoke interiors showcase marble benchtops and custom vanities and joinery, mirror splashbacks, feature LED strip lighting to the bathrooms and kitchens, custom designer lighting throughout, and either a sleek ‘windsor’ or ‘dover’ colour palette.
South Melbourne is a strategic growth suburb for the developer with another two sites in the immediate vicinity – 74 Eastern Road which sold all 71 apartments totaling $60 million in less than a week in 2016 and is now currently under construction, and another site in Bowen Crescent which recently obtained planning approval, with talks mounting of an upcoming launch mid-2017.
“Our research – now backed by unprecedented project sell outs – indicates to us that South Melbourne is a key suburb for the downsizer market who are trading in their family home for a low maintenance yet luxury lifestyle near parks, cafes and restaurants,” Mr Gurner said.
“This market wants a larger-than- average apartment or townhome with all the luxury trimmings of their family home, plus a spare room for the grandkids and space for the family dog.”
Construction was initially set to commence in June however due to the unprecedented sales success the timeline will now be brought forward to commence in February with a 12-month construction schedule.