GURNER Group has commenced construction works at its wellness-focused $1.7 billion Elysium Fields project in Melbourne’s Docklands.
The project at the 27,00sqm 208-226 Harbour Esplanade site comprises three buildings and more than 1,100 new apartments, with a portion of residences in the second building marked for affordable housing and prioritised for key workers.
Last month, Gurner and Liberman family-backed joint venture partner City Harbour received planning approval for the first stage of their “futuristic wellness and anti-ageing utopia”.
Hamilton Marino will deliver the $350 million first stage development, that will include one-, two- and three-bedroom residences, co-working spaces, a rooftop sports court and public parks.
With the development to also include 5,000sqm of a retail and hospitality precinct, a 4-star short-stay hotel and premier 5-star hotel and public amenity space including landscapes and gardens.
CEO of Gurner Group Ahmed Fahour was joined at the first sod ceremony by Premier Jacinta Allan, Treasurer Tim Pallas and Minister for Planning Sonya Kilkenny.
The government officials joined the event to mark their 12-month off-the-plan stamp duty concession will cut upfront costs for all Victorians buying eligible homes off-the-plan.
“Immediately following our announcements last Monday to reduce off-the-plan stamp duty, there was a rush of interest, and I am pleased to inform the house today that this project is now ready to start construction,” said Allan in Parliament last week.
“Construction can start now on hundreds of homes to buy or rent in Melbourne thanks to our stamp duty concessions,” said Pallas, treasurer.
Elysium Fields will benefit from the off-the-plan stamp duty cuts, which would see stamp duty on a $620,000 apartment cut down from circa $32,000 to around $4,000.
“This is a really exciting time for property investors, and we’ve already seen a sharp uptick in enquiry and interest following the off-the-plan stamp duty concessions – interstate investors are getting in early to make sure they’re ready for the upcoming increase in demand,” said Fahour.
“With more activity and planning reforms helping to ease the systemic challenges facing the housing market, the next issue that must be resolved is construction and finance costs – which continue to make it challenging for Victorian projects.”
Gurner Group currently boasts a $7 billion pipeline of projects across Victoria.
