GURNER™ and Qualitas unveil 3rd BTR Project in St Kilda

The GURNER™ and Qualitas-backed GQ platform has unveiled its third build-to-rent seed asset, Beach House – a prime site in St Kilda Junction that will deliver 300 residences across two towers spanning 12 and 28 levels, with a $300million end value.

The permit for the 2,353sqm site at 3 – 7 Wellington Street has been amended to suit the vision for the build-to-rent-backed mixed-use precinct, that will now include over 3,700sqm of GQ’s signature world-class resident amenities.

The features of the lifestyle-focused precinct include a large fully equipped commercial gym, indoor play areas for children, day spa facilities that include saunas and yoga rooms, a 14- person cinema room, a residents’ rooftop bar, private dining rooms – two of which have outdoor terraces – a swimming pool deck, a two-lane bowling alley with a bar, and table tennis and billiards tables.

Alongside the residential amenity, Beach House will deliver 1,563sqm of net lettable area across commercial and retail spaces.

Beach House will be the first build-to-rent asset within the GQ portfolio to commence construction. Crema Constructions formally commenced works on site in recent days, with funding secured through a major Australian bank lender.

The architectural design of Beach House has been led by Warren and Mahoney, and pays homage to the sought-after beachfront locale of St Kilda. When complete, the landmark precinct will offer uninterrupted panoramic views over the Melbourne CBD, Albert Park Lake and St Kilda’s beachline.

The St Kilda site announcement follows the recent unveiling of two other build-to-rent sites within the GQ platform at Southbank and Parramatta, with the 334 City Road Southbank site also recently converted from a build-to-sell proposition to build-to-rent.

St Kilda is a location that the team believes is ripe for build-to-rent, owing to its strong demographic profile that consists of many young, affluent renters who are seeking a level of residential product, amenity and service that are not currently available on the market.

Beach House will leverage the longstanding attractive attributes that has made St Kilda a key location for renters, whilst delivering a best-in-class product to the market.

GURNER™ founder and director, Tim Gurner said “We are thrilled to be able to announce the acquisition of such an iconic site for our platform, as we continue to bring together the best in-market opportunities with genuine points of difference – a key element our brand has focused on since its inception.

“I have always loved St Kilda and I’m a huge believer in its future – this development will be an important gateway to the area. We hold a lot of responsibility in ensuring it becomes a timeless design statement that people are proud of.

“Our build-to-rent platform is primarily focused on impeccable design and environmental standards – this St Kilda precinct will lead the way in that regard.

“The building will take what is possible in the build-to-rent space and elevate it to a new, higher level, as we continue to deliver a standard of luxury, lifestyle and design that is currently only accessible in the world’s best hotels.

“Our residents at Beach House will have incredible access to retail, hospitality, health and wellness facilities, as well as lifestyle amenities and service, allowing them to live sought-after lives in one of my favourite parts of the world.

“ We are excited to have appointed Crema Constructions to build this landmark building, with works commencing within weeks. We have completed many projects with Crema and believe the company is a class act in delivering the level of quality we desire,” he said.

Mark Fischer, Qualitas global head of real estate said “The third acquisition for the platform provides us with the critical mass to become a significant player in the build-to-rent sector, a very short time after its launch. This gives us a significant base from which to build, as we continue to deploy our committed fund capital into attractive off-market opportunities.“

We identified the Beach House site as a stand-out for build-to-rent some 18 months ago, and we are excited that construction has now commenced. With Crema Constructions appointed to deliver this high-quality project, its focus on sustainability standards will ensure we are delivering an enduring asset for our investors.

“With strong demand expected from institutional investors for high-quality completed build- to-rent assets over the coming years, our focus on delivering assets in the most desirable neighbourhoods and leveraging their existing surrounding amenity is a key differentiator for our platform. We expect assets such as Beach House to be considered trophy A-Grade multifamily assets in the future, in the same way that we talk about trophy commercial, industrial and retail assets currently,” he said.

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About Warwick Petschack

Warwick has over 25 years of property investment and management experience. Principally responsible as Managing Director for Capital Management Australia and Joint Managing Director for Chauvel Capital Partners and Editor of Australian Property Markets News.

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