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Developer Gurner and Australian alternative real estate investment manager Qualitas have announced the completion of the first project in their joint $3.2-billion pipeline.
The Beach House at 1 Wellington Street in Melbourne’s St Kilda comprises 297 apartments in a mix of one, two, three-bedroom apartments plus penthouse suites available to rent at 40 per cent less than the equivalent monthly mortgage payment for a similar apartment, the partners said.
Architects Warren and Mahoney worked on the design for the project.
Beach House has 2000sq m of resort-style amenity and offers 5-star hotel service provided by a former Crown Towers Management Team. Also included is a bowling alley, sports club, hybrid work spaces, rooftop skybar, pool and pool deck.
Onsite catering inspired by Brisbane’s Calile Hotel, a Samsara private wellness club, cinema, steam room, sauna, ice bath, spa rooms, private treatment rooms, pet spa and pet concierge are also among amenities.
Gurner Group and Qualitas formed the GQ Multifamily Build-to-Rent platform to develop projects in the sector.
It has an existing portfolio of more than 1400 apartments with another 3500 apartments in its pipeline and more than $3.2 billion in funds under management.
GQ integrates development, design, delivery, funds management, property management and capital raising in the same platform.
It is keen to capitalise on the demographic that do not wish to own a home, according to GQ executive general manager for customer care Ashleigh MacDonald.
“There are roughly 8.5 million Australians aged between 20 and 44, and approximately 50 per cent of them rent,” MacDonald said.
“What we are offering is a genuine alternative to a huge target market who are choosing a lifestyle with more disposable income to live a life enriched with travel, experiences, and other wealth investments outside of property.
“They want access to the newest luxury designs and amenity, they want impeccable service, and they want to live in a premium location, rather than paying 30 to 50 per cent more for a mortgage in suburbs that are increasingly further away from Melbourne’s vibrant city, which limits their opportunities to travel, save or invest in alternative wealth streams.”
Gurner Group founder Tim Gurner said it allowed people to access amenity for less.
“If Beach House was a build-to-sell site, we’d be selling the top floors for $10 million to $20illion-plus,” Gurner said.
“Instead, our residents can rent out one of the private guest suites with a rooftop spa on level 27 for a fraction of the cost.
“It’s a totally different model to even long-term rental accommodation as we have corporate, long and medium options available within the building.”
Prices have been released for the development with one-bedroom, unfurnished apartments starting from $595 a week. There are more than 70 different floor plans across the apartments.
