HOT on the heels of the sales success of the $480 million St Moritz project, developer Tim Gurner is launching a $280 million high-end residential development on a large Collingwood block, marking another step along the gentrification path for the traditionally gritty suburb.
Formal marketing will begin in the coming weeks, shortly after Gurner’s luxury St Moritz project in St Kilda quickly achieved $480 million in sales across 95% of its apartments, prompting construction to be brought forward by more than one year. The 127 sales included former Domain boss Antony Catalano’s $30 million purchase of a seven-bedroom penthouse.
The new Collingwood project, Victoria and Vine, will be built on a 5,100 sqm site bound by Cambridge St, Victoria Pde, Derby St and Wellington St. It was infamously pencilled in for a development condescendingly dubbed as “Las Vegas”, and Cox Architecture’s redrawn plans were approved in March last year.
Now, it will make way for nine building forms that use juxtaposing materials and finishes, which Gurner said have been inspired by warehouse-style, historic buildings of New York’s meatpacking district. Gurner is looking to “do justice” to the historical significance of Collingwood’s Foy and Gibson precinct, using reclaimed brickwork and industrial masonry elements such as metal-framed windows and floor-to-ceiling glass cavities and voids.
Victoria and Vine offer one, two, three, four and five-bedroom offerings, starting from $475,000 for one bedroom apartments, ranging up to $7.5 million for a luxury penthouse of 350 to 400 sqm.
“We are testing the market demand for luxury three bedroom penthouses at prices that aren’t commonly seen in Collingwood however given the project’s location on the cusp of East Melbourne and the sheer dedication to the interiors, materiality and amenities, we believe the market is not only there, but ready for a luxury offering of this calibre and in this price bracket in Collingwood,” Gurner said.
The 200-metre combined street frontage will be anchored by 11 retail tenancies at ground level, and the development will have more than 4,500 sqm of resident amenity over four different levels, including a health club, rooftop lounge, multiple spa retreats and private dining facilities, rooftop infinity pool and sundeck, an outdoor cinema, co-working space and business lounge, NYC-inspired bar and library, teppanyaki bar and a number of rooftop retreat spaces.
Gurner has delivered 22 buildings within a two kilometre radius of the site.
“Although sentiment had stalled up until the most recent two weeks, we are extremely confident in Melbourne’s market fundamentals and we have had huge success in the luxury owner occupier space with well over $500 million in sales achieved across multiple projects,” he said.