New GURNER Project Makes A Splash

Developer GURNER's latest project, a $140 million apartment development in West Melbourne, is commencing construction just 16 weeks after launching to the market.

The Ikebana development was launched to GURNER's VIP database in December and by January the development had sold out “at a rate faster than we had ever witnessed before,” according to GURNER founder and director, Tim Gurner.

Hamilton Marino was appointed to construct the development at 130 Dudley Street in February and works have already commenced on site this March with demolition now complete.

The original program had projected the project’s sales targets would be reached by June with construction commencing in late September 2015.

The project is being financed by NAB as the senior financier on the $85m package, in a deal facilitated by Maxcap Group.

Comprising 241 apartments, Ikebana has been designed by Elenberg Fraser. Inspired by its namesake ancient art of flower arranging, Ikebana features ‘hand-torn’ concrete sheets on the building’s façade, a Japanese Zen garden and VIP health, spa and private dining retreats for the exclusive use of residents.

Mr Gurner said Ikebana's location at the gateway to the CBD and Docklands, was one of the key factors that had attracted purchasers to the project.

“West Melbourne has always traditionally been a high-performing location for us with our four other developments in the area all selling out relatively quickly, however the recent sell out success of Ikebana has completely blown us away," he said.

“Moving from a sales launch to sell-out success in just six weeks, to then commence construction all within a 16 week period is just unheard of for Melbourne’s market."Construction on the project is slated to take approximately 19 months, with settlement anticipated in September 2016.

Mr Gurner said almost all of the projects sales had come from local Australian buyers, which confirmed the strength of the apartment market.

“There is always talk that Melbourne’s apartment market is potentially over supplied however the success of this project just proves that high-end apartment projects with the right apartment mix, in the right location that are close to existing amenity and infrastructure, will continue to draw demand at an insatiable rate."Mr Gurner has experienced similar success in Brisbane after his iconic Fortitude Valley project, FV sold 630 apartments of 651 totaling over $300m in just 12 weeks.