PROPERTY developer Tim Gurner has secured $55 million funding from ANZ Bank for the $120 million mixed use hotel, serviced apartment, residential and retail developer, Ateliér Residences in Collingwood.
Located at 23 – 33 Johnston St, the 53 apartments and 4.5-star hotel will be operated and managed by Veriu Group.
“We are very fortunate to have such a strong relationship with ANZ who continue to support our business and projects along with CBA and NAB. Both ANZ and CBA are very active in the market and we believe we will continue to do a lot more with both banks in the future,” Gurner said.
“We’re taking a medium to long-term view on the hotel market and firmly believe that the fundamentals, and particular advantages of this particular location, remain strong.
“Due to the post-COVID projections suggesting the number of hotel keys may contract after Melbourne’s unprecedented lockdown, I believe this will only place more upwards pressure on hotel vacancy rates as our city starts to open up again,” he added.
ANZ state director of institutional property John Hudson said since February this year has focused on supporting clients through the pandemic and fund new developments that are ready to start.
“ANZ has been working with Gurner on Atelier since prior to the pandemic and we are pleased to see it proceed now when many other developments have stalled. This year Gurner has also completed, settled and repaid two other residential developments that ANZ financed,” Hudson said.
