South Yarra's Jam Factory Precinct Set for $2.75 Billion Revitalisation
The iconic Jam Factory in Melbourne's South Yarra is set to undergo a transformative revitalisation, thanks to a $2.75 billion investment by property developer Tim Gurner and real estate investment firm Qualitas. This ambitious project aims to bring a touch of New York's Upper East Side luxury to the heart of Melbourne.
Gurner and Qualitas have committed $180 million to acquire the site, taking over Newmark Capital’s remaining interest. Their vision for the Jam Factory precinct includes the development of a high-end area featuring two luxury hotels and three residential buildings. This revitalisation effort is set to breathe new life into the historic location, enhancing its appeal as a premier destination for both locals and visitors.
The new precinct will reflect New York’s Upper East Side luxury, featuring a 10-meter-high library, a large outdoor pool, a cigar lounge, and a signature wellness centre. Prospective buyers will be able to purchase apartments starting at $750,000, while penthouses could be priced around $30 million.
GURNER Group founder Tim Gurner expressed his belief in the project's significance, stating, "Building on the vision we created with Newmark, I truly believe this will be Melbourne’s most important and iconic regeneration site. There is no other site like this in Melbourne with 20,000 sqm of prime South Yarra land sitting on Melbourne’s most important retail strip of Chapel Street. It’s an iconic site that we know we can bring back to its glory days. We’ll breathe new life into the site and deliver our signature level of amenity, service, and residences alongside world-class retail and commercial."
Drawing on their experience from developments such as Saint Moritz in St Kilda and Hawksburn Place, Gurner and Qualitas are poised to deliver an unparalleled urban experience. If the City of Stonnington approves stage one of their plans, demolition could start as soon as 2025, with the entire project underway by the end of that year.
In 2015, Newmark purchased the site and later brought on Tim Gurner and Qualitas, but their initial project didn’t make it off the ground. Newmark spokesman Chris Langford commented on the sale, stating, "After eight years of ownership, the decision to divest aligned with our commitment to our investors, and the sale provided a clear path forward with certainty in an unpredictable market."
This investment underscores a significant commitment to the future of South Yarra, positioning the Jam Factory precinct as a leading example of urban renewal and luxury living. The development is anticipated to attract discerning buyers and tourists, further elevating the status of South Yarra as one of Melbourne's most desirable suburbs.
Stay tuned for more updates on this exciting project as it progresses. The revitalisation of the Jam Factory precinct is set to redefine luxury and lifestyle in Melbourne, offering a unique blend of history, elegance, and modernity.
