Multi-billion-dollar developer GURNERTM has announced its entry into the Perth market with the addition of 6000+ sqm site in Nedlands that will be developed into a $500m ultra-luxury precinct, in joint venture with Geelong’s Costa Property Group and Grange Development.

Once complete, the precinct will combine approximately 275 high-end apartments across three buildings which will be delivered in stages of 60-100 residences per stage.

Complementing the residential component will be over 3,500sqm of commercial, entertainment and retail space, along with a world-class health and wellness offering in what is fast becoming GURNERTM’s signature.

The team at GURNERTM is currently making changes to the existing permit to create a true Town Square and public realm across the ground level and first floor, with family entertainment and stunning outdoor areas, large-scale retail, a hospitality precinct, a health and wellness precinct and a high-end commercial office component set to feature in what will be a huge drawcard for the project and its surrounding area.

The site, situated at 97 – 105 Stirling Highway, is currently home to two top-end automotive brands Porsche and Bentley, and the area’s median house price of $1.91m makes it one of the city’s top-five most expensive suburbs according to REIWA.

The two original developers and GURNERTM will share a 50-50 split in the project.

The site is one of the most significant regeneration precincts in Nedlands and will include an activated ground plane with public laneways and a plaza, communal lounges, a rooftop pool, garden and deck, children’s play areas, and large landscaped balconies which are staggered to create double-height volumes and improve access to natural light.

Elenberg Fraser, the architect that led the original scheme, will be retained.

The project will join the future Nedlands Stirling Highway Activity Corridor Precinct, which will stretch from Loch Street to the west of the project and Clifton Street to the east.

The announcement follows an unprecedented year of growth for GURNERTM, who has stormed into the NSW and QLD markets in 2021 with acquisitions across Sydney, Parramatta, Gold Coast and now Perth.

Perth is now one of the key cities firmly in GURNERTM’s sights, as the acquisitive developer continues expanding its build-to-sell and build-to-rent pipelines in markets where the fundamentals stack up against its development model.

GURNERTM CEO, Tim Gurner told The ASEAN Developer,  "We are very humbled to be able to partner with the Costa Property Group and Grange Development on this amazing opportunity.

“ We are very excited to announce our first major development in Perth – it’s a market we believe has incredible potential, particularly in the next five to ten years, as it continues to mature from a mining city into an economic powerhouse.

 “ We have had our eye on the Perth market for over eight years now, waiting for the right opportunity – we wanted our first site to be an iconic project of significant scale in a prime suburb, so we could set the tone for future expansion in Perth.

“ The site’s current tenants, including Porsche and Bentley, exemplify the same level of ultra-luxury that GURNERTM is so renowned for. We look forward to bringing our sought-after owner-occupier product to the premium Nedlands locale, where there is limited supply.

“ The site is a strategic play that will be launched when the market allows it to – with construction pricing such an issue in Perth at the moment, we will wait for the right time to ensure we can offer a superior product to the market.”

GURNERTM general manager of mixed use, Tim Mills said, "We are heavily focused on creating developments that connect to their neighbourhood, and existing people in the area, and we know we are creating something here that will add a huge amount of amenity and excitement for locals.

“ We are working with an incredible design team to create what we believe will be one of Perth’s most- important Town Squares, with appeal for locals and visitors alike and with something to offer everyone.

“ The project will become Perth’s first true luxury retail, commercial office, wellness and ultra-luxury residential precinct, with a level of amenity and design excellence not currently available elsewhere.

“ We will be collaborating with local operators to create something truly unique for the people of Perth, that they will be proud of and that they will want to call home,” he said.

Costa Property Group CEO, Carl Schokman commented, "Costa Property Group's founder, the late Frank Costa AO, advocated partnerships with truly unique individuals to create inspired outcomes for residents. Tim Gurner is such a partner, and he will bring a unique flair to this development,” he said.

Grange Development managing director, James Dibble told The ASEAN Developer, "Grange is delighted at the opportunity to partner with GURNERTM on this landmark and iconic project in Nedlands – the JV will bring to life a true high-end town centre that the community has been longing for, with a level of amenity and quality of finish that the western suburbs have never seen before."

“ This project will become the beating heart of western suburbs. GURNERTM’s proven track record in delivering ultra-high-end luxury developments made them the perfect partner to realise this vision with,” he said.

Elenberg Fraser principal, Reade Dixon Said, " Elenberg Fraser is thrilled to have the opportunity to design such a significant piece of the future Nedlands Town Centre. We think it is the most exciting development precinct in Perth.

“ The project represents a close design relationship between GURNERTM, Grange Development, Costa Property Group and Elenberg Fraser, and highlights our shared commitment to urban renewal underpinned by timeless design, luxury residences and amenities, world-class retail and food and beverage precincts.

“ The project has been designed as a contemporary reimagining of the architectural character of Nedlands, taking inspiration from the affluent detached houses and their garden settings to create an authentic, performative architecture and landscape.