Melbourne’s historic Richmond continues to grow, with plans for a major development revealed last week.
A full block in the inner-city suburb has been bought by multi-billion-dollar property developer Gurner, who intends to turn it into an $800 million mixed-use precinct.
Formerly the site of Harry the Hirer, 81-95 Burnley Street, Richmond, will be transformed into a combination of retail, apartments, residential and office developments, with ‘a large community and art component’, according to CEO Tim Gurner.
“This is a landmark site in one of Melbourne’s most sought-after suburbs,” he says. “A prominent site like this, so close to Victoria Gardens Shopping Centre, requires a forward thinking approach.
“Our vision for this site is so much more than just a residential precinct, but to become the true epicentre for Richmond complete with hospitality offerings, public spaces, high-quality retirement, mixed-use and retail.”
Designs for the 13,000sqm site feature five buildings up to 12 storeys, a park and laneway, and more than 8,000 metres of commercial and retail sites. More than 500 apartments have been slated for the development, with 10 per cent of dwellings set aside for affordable housing.
The Burnley Street site is the largest holding acquired by Gurner yet, and comes just weeks after the company announced plans to redevelop the Jam Factory in South Yarra and the Gold Coast’s Budds Beach site.
“We have been fortunate to secure many prime sites over the past few years which have allowed us to explore larger precincts and placemaking,” Time says. “This site is one of the largest we have ever acquired and will really allow us to create something truly special and be a truly self-sustaining village within a suburb.
“We will be delivering something truly unique for Melbourne here – a new-age oasis that will challenge the norm of what is possible in mixed-use and residential development.”