The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OtherTaryn ParisTue 22 Mar 22

Gurner Puts Fortitude Valley Tower on Backburner Again

Plans for a 184-apartment tower at 156 Alfred Street have been pushed back again after Melbourne developer Gurner filed for a four-year extension to the approved development application.

The original development application was filed in 2015, which won approval in mid-2016.

The Elenberg Fraser-designed 15-storey tower in Fortitude Valley had already received a two-year extension to planning approvals, which were due to expire on June 15, 2022. 

But Mewing Planning Consultants principal planner Felicity Cox said the impacts of Covid-19 on the residential market had interfered with plans to market and sell the project. 

“An extension of four years is requested to provide [Gurner] with sufficient time to undertake detailed design, construct and complete the approved development, which is notably of a substantial scale,” Cox said in a submission to the Brisbane City Council. 

“Global circumstances and the residential unit market in recent years have had an impact on the property and its development. 

“The impact to the property market has delayed the applicant’s marketing and sale of the development (which was imminent prior to Covid-19), however, there remains strong and imminent intention to progress the marketing and construction soon.”

156 Alfred Street, Fortitude Valley MID
▲ Gurner's plans for a 15-storey tower at 156 Alfred Street have been pushed back again.


Gurner founder Tim Gurner said the asset was acquired as a long-term investment asset with a government tenant in place. 

“That tenant recently renewed its lease for another three years so the planning extension was undertaken accordingly,” Gurner told The Urban Developer.

In 2016 Gurner stalled plans for the tower at 156 Alfred Street, citing a residential downturn in the Brisbane market. 

Gurner said it would be developed in “the next market cycle” in the face of escalating construction costs six years ago, and a softening development financing market.  

It comes off the back of the acquisitive developer announcing $500-million plans for its first development in Western Australia last week.

Gurner has partnered with Geelong’s Costa Property Group and Grange Development in a mixed-use apartment project in Nedlands. 

Gurner spent much of 2021 acquiring sites for prospective build-to-rent developments alongside its financial backer, Qualitas. 

ResidentialBrisbaneAustraliaPlanningPlanningSector
AUTHOR
Taryn Paris
More articles by this author
ADVERTISEMENT
TOP STORIES
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
MONARK co-founders Michael Kark (CEO) and Adam Slade-Jacobson (CIO)
Exclusive

Finding the Sweet Spot: How Monark Built its $2bn Property Empire

Leon Della Bosca
6 Min
View All >
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
Urban Property Group Waterfront Stage 2
Development

Next Stage of $350m Gosford Scheme Moves Ahead

Leon Della Bosca
Coomera Social Harvest Neighbourhood Centre DA hero
Development

‘High-End’ Neighbourhood Hub for Coast’s Fast-Food Lane

Phil Bartsch
The proposal for high-quality fresh food outlets, casual and fine dining establishments at Coomera “addresses key servic…
LATEST
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Urban Property Group Waterfront Stage 2
Development

Next Stage of $350m Gosford Scheme Moves Ahead

Leon Della Bosca
3 Min
Coomera Social Harvest Neighbourhood Centre DA hero
Development

‘High-End’ Neighbourhood Hub for Coast’s Fast-Food Lane

Phil Bartsch
3 Min
Byron Bay's Beach Hotel HERO
Hotel

Byron Hospitality Big-Hitter Adds Beach Hotel to Line-Up

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/gurner-puts-fortitude-valley-tower-on-backburner-again