If you needed further evidence that once grungy Collingwood is now one of Melbourne's hottest residential suburbs, just look at the incredibly fast sale of apartments inside the historic Foy & Gibson retail precinct at 107 Cambridge Street. Melbourne-based property developer and BRW young rich lister Tim Gurner has sold $50 million worth of apartments at his latest Collingwood development in just 48 hours, with the remainder reaching 100 percent sold within a week.
107 Cambridge St has retained the facades of the single-storey 100-year-old Foy & Gibson engineering and wool scouring buildings. Inside, architects Elenberg Fraser have designed 90 loft-style apartments, 45 one-bed units, a three-bedroom penthouse and 44 two-bedroom units. The $60 million project was released to the market by GURNER on Saturday, April 25 and by close of business Monday, April 27, 85 of the 90 apartments had sold in quick succession. GURNER has now appointed Construction Engineering (Aust) Pty Ltd to build the project, with construction slated to commence in four weeks’ time. The project is being funded by ANZ.
This is Gurner's thirteenth project in Collingwood, after first identifying the inner-city neighbourhood as a hot-spot over five years ago. Due to the sheer demand for this most recent project, Gurner will now bring forward the release of another Collingwood site positioned just 200m away in Stanley Street, months ahead of their anticipated project timeline.
“I had been waiting for years for a unique site such as this one - with its rich history and beautiful façade I knew we could do something special," said Gurner. “I have always been fascinated by New York and in particular the meat packing district; I love the way these derelict factories and warehouses have been effortlessly converted into these incredible luxury apartments. We briefed Elenberg Fraser with the concept of bringing New York loft living to Collingwood and they have absolutely nailed it."