Tuesday, April 23, 2024

Record year for Newcastle investment

Newcastle has approved a record $1.8 billion of development over the past 12 months, with City of Newcastle Council saying the investment is set to generate approximately 3,500 direct jobs and buoy the local economy.

The Council says it recorded a 20% increase in the number of development applications (DAs) lodged during 2021, in addition to state significant projects.

More than 1,600 DAs were lodged with City of Newcastle last year – compared to 1361 in 2020. The value of lodged DAs increased by 89% and included The Store redevelopment ($118 million), former Dairy Farmer’s site ($100 million), and a 133-lot industrial subdivision at Black Hill ($33 million).

City of Newcastle Manager Regulatory, Planning and Assessment, Michelle Bisson said low interest rates and a booming property market was helping to drive development activity in the city.

“Newcastle is surging ahead when it comes to injecting cash into bricks and mortar, despite the pandemic, reflecting high levels of optimism amongst homeowners, investors and developers,” Ms Bisson said.

“The highest value DAs are predominantly in Newcastle West, Adamstown, Beresfield, and Merewether but we’ve also seen a surge in residential development in the suburbs such as Wallsend, Fletcher and New Lambton for residential alterations, additions and single dwellings.

“The construction associated with this level of development generates approximately 3,500 direct jobs and buoys Newcastle’s economy which is a positive as we come up against the ongoing impacts of COVID-19 and look to the future.”

Council also recently announced a design competition for the $100m redevelopment of the former ‘Spotlight and Anaconda’ site at 711 Hunter Street in the city’s revitalised West-end.

“Newcastle is transforming into a modern metropolitan city with significant large redevelopments in the pipeline, showing developer confidence in our city is at an all-time high,” Ms Bisson said.

“Ongoing revitalisation and development is continuing to transform Newcastle, and 2022 is set to be another exciting and busy year for our city.”

Latest Articles