South Yarra: Jam Factory precinct to get $2.75b revitalisation to turn it into New York’s upper east side-style luxury
The proposed redevelopment of the Jam Factory.
Property developer Tim Gurner and real estate investment firm Qualitas have acquired Melbourne’s iconic Jam Factory site. with plans to pour $2.75b into its revitalisation.
The duo have bought the site for $180m, including Newmark Capital’s interest, and are planning to create a high-end precinct with two hotels and three residential buildings.
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The new precinct will seek to reflect New York’s upper-east side luxury, including a 10m-high library, a large outdoor pool, a cigar lounge, and in Gurner style, a large wellness centre.
Prospective buyers will be able to purchase an apartment starting at $750,000 while the penthouses could be priced around $30m.
What the Jam Factory could look like in a few years.
GURNER Group founder Tim Gurner said building on the vision they creased with Newmark, he truly believed this would 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,” Mr Gurner said.
“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.”
He added that they would be taking their learnings from developments like Saint Mortiz in St Kilda and Hawksburn Place.
The massive site redevelopment could see brand new towers toppling over Chapel St.
The potential high-end, outdoor precinct.
Providing the City of Yarra 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 said after eight years of ownership, the decision to divest aligned with their commitment to their investors and the sale provided a clear path way forward with certainty in an unpredictable market.
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