Gurner, GIC buy Iloura Plaza
Tim Gurner, backed by GIC, has secured St Kilda Road’s high profile Iloura Plaza with plans to replace it with a build to sell investment.
The eight level building at #424 -426 – famous in office leasing circles this year for being available asking outgoings only – is believed to be costing $80 million.
Vendor, Hong Kong investor Mars Family Holdings, outlaid $70m in 2019 – following a campaign when the 4665 square metre holding was marketing as one of the last triple front blocks in the area.
Also at the busy Toorak Road T-intersection and facing Kings Way, that seller, Woodlink, proposed a $360m mixed use project with apartments and a 176 room Marriott hotel.
Woodlink paid the late Nathan Werdiger $45m for Iloura Plaza 10 years ago – the asset was developed in the 1960s replacing a c1889 mansion, Iloura.
CBRE’s Kiran Pillai and Tom Ryan with JLL’s Josh Rutman and MingXuan Li represented Mars.
The precinct, zoned Melbourne with postcode 3004, is about three kilometre’s south of the CBD (story continues below).
What is planned
Gurner and GIC are planning between 160-180 units at 424-426 St Kilda Rd, putting the end value of the project, they say, at c$800m.
It will be the second asset for the pair’s Build to Sell Fund; it also controls 189 Kent St, Sydney acquired in July.
Gurner is also behind build to rent assets in a partnership with Qualitas with one under construction, containing two structures, at nearby St Kilda Junction.
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