Local developments update: October 2018

In this month’s update, we’re looking at Newcastle’s billion-dollar development application influx, as well as commercial, sporting and public space developments in Lake Macquarie and Maitland.

NEWCASTLE CBD AND SUBURBS

According to Housing Industry Association Hunter executive director, Craig Jennion (quoted in the Newcastle Herald), housing approvals rose more than 20% in Newcastle between August 2017 and July 2018, with much of the growth attributed to an increase in apartment approvals.

Throughout this period, council figures indicate that the City of Newcastle approved $1.02 billion in development applications. Projects worth another $98 million were approved by the State Government, while an additional $94.8 million in complying development certificates was issued by the City of Newcastle and private certifiers.

In response to this growth, the council’s 2018/2019 budget includes a $100 million civil works program, incorporating improvements for roads and footpaths, renewal of buildings, structures and places, and the implementation of the Smart City Strategy.

Newcastle’s latest development proposal is for a 14-storey residential, office and commercial tower, next door to the Newcastle Interchange. With a proposed 97 apartments, 197 parking spaces, 3500 square metres of office space and retail space on the ground floor, the development is the latest addition to the rapidly growing suburb of Wickham.

LAKE MACQUARIE

Public spaces in the Lake Mac suburb of West Wallsend are soon to be revitalised through a new Heritage Master Plan. The plan aims to reinforce the historic character of the suburb as well as rejuvenating its retail and commercial precinct. The council is currently inviting public feedback on the project.

A new basketball and indoor sports centre has been proposed for an unused section of council-owned land at Hillsborough. The plans, which are currently being developed, include 10 basketball courts and seating for up to 4000 spectators.

Construction is soon to begin on a 30,000sqm retail development at Bennetts Green. Fronting the Pacific Highway, the $90 million centre will include a Bunnings Warehouse, Spotlight, Anaconda, two fast food outlets, a service station and several other businesses. The development will be the largest retail project for Lake Macquarie since the expansion of Charlestown Square in 2010.

Artist’s impression of the new Bennetts Green retail precinct. Image: Lake Macquarie City Council

MAITLAND

The future Maitland Regional Sports Hub is set to establish Maitland as a leading regional centre for sport, with almost $25 million of development and upgrades planned. The Sports Hub project includes the upgrade and expansion of No.1 Sportsground and the construction of a new all-weather athletics complex.

Maitland PCYC upgrades were also completed this month, including refurbishments to the gymnastics hall and the multi-purpose sport and recreation area, improvements to the gym and amenities, and installation of a new reception area and cafe.

Thornton will soon be home to a new $6.5 million medical precinct, which gained council approval last month. The centre will be the largest of its kind in Maitland, with services including general practitioners, radiography, pathology collection, a pharmacy and specialist rooms.

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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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