Over the longer term, the GQ platform hopes to develop more than 5000 units worth about $5 billion as it positions itself as one of the bigger players in the emerging sector. The Catalfamo family, founders of Australian Meat Group, has spent the last seven years attempting to get a high-rise tower off the ground at the City Road site, and will retain a minority stake in the finished project alongside majority ownership by the Gurner-Qualitas BTR platform.Ī two further Melbourne sites are controlled by the GQ platform, Mr Gurner said. Having a range of alternative pathways for people into residential accommodation in Melbourne is a good thing,” said Melbourne deputy lord mayor Nicholas Reece. “I think the new use and the inclusion of build-to-rent dwellings is something which we should support. Formal approval is still required from Mr Wynne. Rather than develop a build-to-sell apartment building at 334 City Road in Southbank as originally planned, Mr Gurner and the Catalfamo family – owners of the 1652 square metre site housing the Urban Central Hostel – will now undertake a $350 million BTR project featuring 394 rental units across 41 levels.Īn artist impression of the City Road build-to-rent project.Įarlier this week, the Future Melbourne Committee of the City of Melbourne said it did not object to the revised plans following referral from Victorian Planning Minister Richard Wynne. Financial Review Rich Lister Tim Gurner and real estate investment firm Qualitas have secured a second project – and the first in Melbourne – for their build-to-rent platform, after raising $1.2 billion last month to fund an initial pipeline of 1700 rental units.

Urban pipeline