Financial Review Rich Lister Tim Gurner will develop the renowned Novotel St Kilda hotel site overlooking Port Phillip Bay into more than $500 million of luxury apartments, after striking a deal with owner Barana Group and real estate financier Alceon.
The near-6000-square-metre site at 14-16 The Esplanade was put up for sale in February but failed to secure a buyer at a purported asking price of $120 million, despite being marketed as one of the best development opportunities in Melbourne and with a permit for 236 apartments.