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Only two months after its Perth debut, luxury developer Gurner has entered the Adelaide market after securing a site owned by Kennards Storage to create a $1.25 billion mixed-use CBD precinct.
Situated at 237 Grote Street, the 1.7-hecatre project will feature more than 750 residences across four towers, a five-star hotel, 15,000sqm of retail and commercial space, an entertainment and recreation component, and a public plaza.
The site will also become Kennards Storage's headquarters once an existing Australia Post building is repurposed into retail stores, self-storage units, as well as co-working spaces.
Gurner founder and CEO Tim Gurner said the team had "been waiting for the right time to enter South Australia, and we think that time is now".
“This is an incredible site, and we could not be happier to be partnering with such iconic Australian success stories in Kennards and Sam, to bring a shared vision for the development to life – we’ll be creating something very ambitious, something that hasn’t been done before in this sector,” he added.
“This is a very significant transaction in terms of scale and value for the Adelaide market, which reflects the confidence we have in the market and its fundamentals.”
“We certainly see Adelaide as one of Australia’s cultural epicentres – it’s an amazing city and we are looking forward to delivering something special there, and continuing to push the boundaries in not just the residential space but across service, amenity, hospitality and lifestyle.”
Purchased in 2020 by Kennards Self Storage, the site was originally slated to become a self-storage facility for the 49-year-old company, which had its plans hampered as a result of COVID-19.
“We approached Gurner as part of a small expression of interest (EOI) process and their vision for the site absolutely blew us away – there is no doubt their bold proposal will create a new landmark for Adelaide’s CBD,” Kennards Self Storage CEO Sam Kennard said.
“We are delighted to be partnering with such a forward-thinking developer with whom we can collaborate and create a unique precinct for Adelaide and a first for our industry at the same time.”
While there is no permit in place for the CBD location – which has three street frontages on Grote Street, Gouger Street and Blenheim Street – current zoning and planning controls allow the Melbourne-based developer to proceed with the mixed-use project.
The move comes less than two months after Gurner was granted approval for a $1.5 billion redevelopment of the Jam Factory in Melbourne, which will feature 400 luxury residences, a five-star hotel, and an upgrade to the existing cinema.
It came after the group confirmed it would be working alongside businessman Dean Montgomery in a $300 million redevelopment of Geelong’s historic wool store - which was constructed in 1872 - to see it become a hotel, retail and apartment district close to the city’s waterfront.
In February, Gurner also teamed up with financer MaxCap Group to develop a $120 million 22-storey residential tower in the Gold Coast, which will deliver 80 apartments in one of Australia's 'hottest markets' - Burleigh Heads.
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