Local developments update: November 2018

With 2019 just over a month away, we’re looking towards the future in this month’s update, which covers DA volume, transport plans and various development projects in our three focus areas.

NEWCASTLE CBD AND SUBURBS

Newcastle City Council has recently explained a delay in development application processing times, citing a high volume of DAs as the reason determination times are currently ‘longer than usual’.

Over 1200 applications have been determined so far in 2018, to a value of $918 million; according to the council website, as of this month there are a further 500+ DAs currently being assessed, worth just over $1 billion. The majority of these aren’t likely to be finalised until next year, so we can expect to see another big year of development projects going ahead in 2019.

As you know, property development and infrastructure go hand in hand. In tandem with the Greater Newcastle Metropolitan Plan we mentioned in September’s update, the NSW government has also announced the Greater Newcastle Future Transport Plan.

The 40-year plan aims ‘to increase liveability in Greater Newcastle through more sustainable travel behaviour’. As well as the ongoing Newcastle Light Rail project, the plan involves:

  • Further improvements to public transport and road networks
  • Investment in projects such as the New Cruise Terminal, the Hunter Sports and Entertainment Precinct and the completion of the Rankin Park–Jesmond Inner City Bypass.

LAKE MACQUARIE

Having approved over 2100 development applications worth just under $1 billion so far this year, Lake Macquarie City Council is currently assessing over 700 applications worth a further $706 million.

In terms of 2019 developments: a DA will be lodged next year for a new $2 million multi-arts space in Speers Point Park, which will be home to a range of art exhibitions and cultural events. A University of Newcastle undergraduate student’s concept design was chosen for the waterfront space.

Speaking of waterfront… Morisset Park’s $388m Trinity Point development is blazing ahead, with its marina and a temporary 150-seat restaurant set to be operational by early 2019. When complete, the development will also encompass 250 luxury apartments, a hotel, a day spa, a gym, a permanent restaurant and a function centre.

A new drawcard for Belmont is set to be completed over the next couple of months: the reconstruction of Belmont Baths. A new jetty, accessible ramp and swimming enclosure should be ready for use in December, with a new amenities block and foreshore landscaping works to complete the project in early 2019.

Image via Lake Macquarie City Council

MAITLAND

According to the council’s application tracking site, Maitland’s current total of DAs lodged so far in 2018 is sitting just under 900, with 870 applications determined.

This year’s biggest property development in the area – the redevelopment of Stockland Green Hills – isn’t quite over yet, with council approving a DA for Maitland Mutual Building Society’s new head office adjacent to the site. The $13.6m project will encompass demolition of the old Pizza Hut building and construction of a purpose-built six-storey office, expected to open in 2019.

Huntlee, the Hunter’s first new town in more than 50 years, continues in its development. Several new stages are currently under construction and the town’s first business, a 164-place childcare centre, opened in late October.

Concerns have been expressed over an apparent lack of public transport accessibility in the most recent modifications to the town’s design and layout. However, Huntlee’s project director provided assurances of the project’s ‘commitment to integrated public transport, including improved connectivity to Branxton Train Station’.

Image via huntlee.com.au

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Interested in chatting further about developments or the local property market? Wondering about branching out with your investments and targeting growing areas?

Get in touch with our Investment Services team today for objective information and insight.

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