Jam Factory site set for $1.4 billion makeover as part of Tim Gurner development
A rooftop bar, hotel, luxury apartments and a giant entertainment and retail precinct will be at the centre of the drastically renovated Jam Factory.
News
Don't miss out on the headlines from News. Followed categories will be added to My News.
South Yarra landmark the Jam Factory is to be redeveloped into a hotel, entertainment and luxury living complex under a $1.4 billion plan.
The move comes as property magnate Tim Gurner has struck his biggest ever deal, swooping the Melbourne landmark for a project in league with owners Newmark Capital, in a scheme backed by investment house Qualitas.
They have unveiled a plan to redevelop the iconic South Yarra site into a $1.4bn-plus mixed use precinct capped by a landmark tower aimed at the top end of the residential market.
The play is the first equity allocation from Qualitas as part of its $150m equity commitment to Gurner’s build-to-sell pipeline.
The existing precinct plan will be redesigned into a mixed-use precinct with hotel, luxury residential, commercial, retail and hospitality elements.
The redevelopment of the site adds to Gurner’s extensive project pipeline, which has been bolstered by expansions in Queensland and Melbourne in the wake of the coronavirus crisis.
Once fully developed, the 19,250 sqm site will include over 20,000 sqm of retail, 20,000 sqm of commercial office, a hospitality and entertainment precinct, a hotel and luxury apartments.
The existing cinema centre will be expanded, a roof top bar will be created, and the complex will also have conference and event spaces that could host awards shows and functions like the Met Ball.
The latest deal follows the announcement last year of a partnership between Gurner and real estate fund manager Qualitas, after the group confirmed $150m in equity from the Qualitas Real Estate Opportunity Fund 2, to undertake significant acquisitions.
The site was purchased by Newmark Capital in 2015 and a permit obtained for a commercial retail and office precinct.
“The Jam Factory is Melbourne’s last remaining significant inner-suburban regeneration site,” Mr Gurner said.
“We have the scale and location here to do something that is not possible on any other site in Melbourne,” Mr Gurner said. “The destination will be highly sought after by astute owner-occupiers who understand the prestige and lifestyle afforded by the location.”
Newmark’s joint managing director Chris Langford said he was delighted to be working in partnership with Gurner.
Originally published as Jam Factory site set for $1.4 billion makeover as part of Tim Gurner development
Award-winning Toorak pad snapped up for $30m+
An award-winning Toorak mansion has sold in a deal heavily guided by Feng Shui principles.
New Bali shooting update as three Aussies may face firing squad
Indonesian police are taking new steps to investigate three Australians who may face the firing squad over a targeted execution in Bali that involved a Melbourne underworld figure.