Multi-billion-dollar developer GURNERTM is set to deliver a new level of luxury to Sydney, announcing the acquisition of a trophy site at 189 Kent Street, Sydney, that will become home to a $800 million, 34-storey two-tower landmark on the doorstep of Barangaroo and Sydney Harbour.

The Kent Street acquisition represents the first seed site to have capital deployed within the developer’s $2 billion Build-to-Sell (BTS) development fund, which is backed by a global institutional investor.

The 1,195sqm site, which adjoins the Barangaroo precinct, currently houses a commercial office tower that was built in the 1960s, with current tenancies in place that GURNERTM will hold until completion of leases. The site has recently been granted planning approval for a residential development after a lengthy approval process by the site’s vendor Barana Group, who has held the asset since 2002.

This is the second transaction GURNERTM and Barana Group have completed together after GURNERTM first partnered with Barana Group in 2018 to develop St Kilda’s former Novotel site into one of Melbourne’s most exclusive and desired addresses, Saint Moritz. The Kent Street transaction by comparison represents a direct acquisition by GURNERTM, which will not be developed in joint venture like Saint Moritz.

The acquisition forms part of a larger strategy for GURNERTM, which is expanding its significant $10billion national pipeline of both build-to-sell and build-to-rent assets across Australia.

For Gurner Group CEO Tim Gurner, this is a chance to deliver a Saint Moritz-level of luxury in one of the most crowning development sites in Sydney, with the developer’s recently completed ultra-luxury development in Melbourne’s St Kilda set to be the blueprint for the impeccable level of sophistication, style and service for Kent Street.

“ Sydney and this key strategic site in particular is crying out for an ultra-luxury offering like Saint Moritz that transports its owners into a world of luxury and service above anything else in the country, inspired by the best hotels around the world.

“ This site is positioned within one of the most expensive and luxurious locations in Australia so we plan to take what we know from Saint Moritz and apply it on a whole new scale, to offer the market something that is completely unique in terms of design, luxury, service and amenity.”

The interiors will have GURNERTM’s trademark focus on ultra-luxury design with expansive floor plans to maximise the panoramic views of Sydney Harbour and a new level of finish and materiality to create a grand sense of opulence throughout.

The site has an existing approval in place for two towers, ground-floor retail, restaurants and bars, a health and wellness component, and basement carparking. GURNERTM will now be seeking small amendments to the approval to reduce the number of apartments and increase the amenity provisions, in line with its vision for the site.

Award-winning architect FJC Studio has been appointed as architect, having won a competitive design competition between local and international architects.

The deal was brokered by Justin Brown, Tim Rees and Ben Wicks of CBRE.

Prized inner Melbourne landholding for sale set to attract developers and land bankers Melbourne - CBRE 

GURNERTM & Qualitas add $2 billion of firepower and close second GQ build-to-rent fund

Gurner Group continues growth of strategic funds management arm, appoints Rahul Bharara as Chief Investment Officer

Tim Gurner’s GURNERTM launches Queensland office with key appointments as national pipeline reaches $10B  | The ASEAN Developer

GURNERTM & Qualitas submit plans for $450m build-to-rent precinct | The ASEAN Developer