Gurner sets foot in Perth with $500m development

Luxury developer Gurner is making its Perth debut after partnering with Costa Property Group and Grange Development on a $500 million project in the affluent suburb of Nedlands.

The mixed-use 6,000sqm precinct will feature 275 high-end apartments across three buildings and more than 3,500sqm of commercial, entertainment and retail space.

Situated at 97-105 Stirling Highway, the development will replace a Porsche and Bentley car dealership operated by Eagers Automotive (ASX: APE).  

“We are very humbled to be able to partner with the Costa Property Group and Grange Development on this amazing opportunity” Gurner founder Tim Gurner said.

“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."

However, Gurner noted the project will not launch until construction costs improve.

“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,” he said.

97-105 Stirling Highway by Elenberg Fraser (Provided)

The group's foray into the west coast comes after it 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. 

That news came off the heels of Gurner's plans for a $1.25 billion project in the Gold Coast known as La Pelago, which will comprise four towers on a long-dormant site at Budds Beach on the northern fringe of Surfers Paradise.

In addition, the company recently announced it would work 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.

According to the Real Estate Institute of Western Australia (REIWA), the Nedlands’ median house price of $1.91 million makes it one of Perth’s top-five most expensive suburbs.

Elenberg Fraser, the architect which led the original scheme, will remain involved in the development.

The project received approval in February 2021 after a significant re-design, which lowered the heights of the towers and reduced the apartments from 301. 

“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,” Elenberg Fraser principal Reade Dixon said.

“Beyond the residential offering, which consists of large owner-occupier style homes, we have a collection of hotel-style facilities, curated retail, food and beverage, wellness and workplace offerings.”

Profits for the project will be split 50-50 between the two developers and Gurner.

“Gurner’s proven track record in delivering ultra-high-end luxury developments made them the perfect partner to realise this vision with,” Grange Development managing director James Dibble said.

“This project will become the beating heart of western suburbs.”