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South Sydney: BRW Rich lister Tim Gurner acquires Alexandria site; construction begins on Rosebery’s "The Burcham"

17-Oct-2016


The former Wriggley’s chewing gum factory, “The Burcham" will be a popular warehouse- style conversion. Image supplied

Despite talk of an oversupply of residential apartments in Sydney’s Southern precinct, the area continues to experience strong developer interest and buyer activity. 

Coined “the Green Square urban renewal area”, bound by Rosebery Alexandria and Waterloo, rich lister developer Tim Gurner’s company GURNER has recently expanded its development pipeline to include the amalgamation of two sites in Alexandria. The sites, located at 444 Gardeners Road, have a combined area of 4000sqm approximately and will yield a development of 100-120 luxury residences and ground floor showrooms. The estimated value of the sites combined is between $22-24 million.    

“Where possible all our sites include provisions for first class retail at ground level and this project will be no exception – we will be creating two signature showrooms and large café which we will be seeking to engage a high-end operator to occupy”. Said Gurner

“Our development philosophy has not changed; each site must sit within 1 – 3 km of the CBD and be supported by an existing retail, nightlife and café culture and also be in areas that are up and coming giving our clients lots of opportunity for future capital growth and stable income”. He said.

Residential apartment projects like Crown’s “Infinity by Crown” at Greensquare sold out in a weekend last year. Nearby, the “Iconic”, an $107 million project by Thirdi and The Milligan group, achieved sales rates of upwards of $25,000 per sqm. 

 

Image caption Gurner’s Alexandria site, image supplied

By 2030 the Green Square urban renewal area is expected to house about 54,000 residents. The Town Centre will be the densest neighbourhood in Australia with supporting infrastructure.

In Rosebery, Stable Properties have just commenced construction on “The Burcham”, a project with a gross value of $110 million, having achieved 70% off the plan presales. 

“We are very selective with where we build and saw such a great opportunity with the adaptive reuse of the former Wrigley's site for The Burcham.” notes Ed Horton, Principal of Stable Properties.

“Roseberry has such great quality amenity with incredibly vibrant and eclectic food offerings, so the location was one aspect, combine that with the smart technology we have integrated into the building and it really is a world class offering. We are very excited about the development as its the first of its kind.”

The leafy streets of Rosebery, in what formerly was an industrial zone, now house a hub of warehouse-style eateries; from Byron Bay’s institutional “Three Blue Ducks”, Da Mario’s Pizza, Black Star Pastry, cult gelato house Messina. But the major drawcard will be the hip New York concept gin and vodka distillery/ bar, “Archie Rose Distillery”; being run by young entrepreneur, 27-year-old Will Edwards.  

Image caption “Archie Rose Distillery” image from Yellow Trace

From a sustainability perspective, The Burcham harvests rain water, collects solar power, which is distributed as “Burcham Energy” in the development and also has electric car charging bays. 

“A lot of thought and planning has gone into every aspect of the functionality of the space, with a host of world class consultants. We have engineered the building so that it caters to the evolving lifestyle needs of the modern day occupant and operating costs are low for owners into the future.” Said Horton.

The Burcham is set for completion in 2018.


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