This article is from the Australian Property Journal archive
PROLIFIC developer Tim Gurner is making his entry into the Adelaide market, striking an agreement with Kennards Self Storage that will see a former Australia Post facility transformed into a $1.25 billion mixed-use precinct.
Kennards Self Storage bought the 1.7-hectare site at 237 Grote Street in Adelaide, improved by a six-level, 24,000 sqm mail distribution building that had become obsolete, in 2020. The building will be used for a new self-storage facility and serve as Kennards’ South Australian headquarters, while Gurner will deliver over 750 residences with six-star amenity across four towers, a five-star hotel, more than 15,000 sqm in retail and commercial space, an entertainment and recreation component and public plaza.
“Originally we had identified an opportunity to re-purpose the existing building into self-storage and planned to subdivide and sell the surplus land, but COVID allowed us the time to take pause and reflect, and we soon realised the site had the potential to become a city-shaping project,” said CEO of Kennards Self Storage, Sam Kennard.
“We approached Gurner as part of a small 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.”
While there is no permit in place on the site, which has three street frontages on Grote Street, Gouger Street and Blenheim Street, current zoning and planning controls allow Gurner and Kennards to proceed with a mixed-use development. A design competition is underway to appoint a lead architect, and the development application is expected to be lodged later this year.
“As we do with all our projects, we’ll be prioritising leading amenities for residents – they’ll have access to entertainment, retail and co-working spaces, as well as our signature Private Club offering, in a destination that puts them on the doorstep of everything Australia’s most liveable city has to offer,” Tim Gurner said.
“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.”
Adelaide was named the third-most liveable city in the world according to The Economist Intelligence Unit’s Global Liveability Index for 2021.
Gurner’s first project in Adelaide will be carbon-neutral.
In March, Gurner announced its Perth debut with the acquisition of a circa 6,000 sqm site in Nedlands, earmarked for development into a $500 million ultra-luxury precinct, following its first move into the Geelong market where plans for a $300 million mixed-use precinct in partnership with Dean Montgomery are underway.
In February, Gurner was given the green light for its $1.75 billion ultra-luxe Budds Beach project on the Gold Coast, which is set to deliver four new hotel and apartment towers.
