St Moritz a welcome starter in quiet times
In an environment where more projects seem to be ‘topping-out’ than ‘breaking ground’, confirmation that Tim Gurner’s $550m St Moritz development in St Kilda is due to commence in 2019 is welcome from the industry. The redevelopment of the former Novotel site will feature 3 buildings and amenities such as a bar, communal library, art gallery, gym and aquatic services.
In an uncertain market this is further evidence that there is still demand for premium developments in the right locations with most of the development pre-sold. A builder will be announced soon with development to commence in late 2019 and due for completion by the end of 2021.