State Government considers $400 million urban renewal proposal
The State Government development arm, UrbanGrowth NSW, and The GPT Group have jointly submitted a $400 million urban renewal proposal for the CBD of Newcastle.
This redevelopment proposal of Newcastle’s CBD, including the Hunter Street Mall, has been developed with a view to attracting third party investment and is proceeding independent of other Urban Renewal projects such as The University of Newcastle’s development and heavy rail truncation.
The overall vision is to encourage new visitors, residents, and investment to Newcastle’s East End. According to UrbanGrowth NSW, and GPT the proposed development is expected to deliver 400 – 500 apartments, accommodating approximately 650 – 700 people. It’s a large project that includes 15,000-25,000 sqm of gross lettable retail space, and 5,000 sqm of gross lettable commercial space. The mix will be 50/50 residential and retail. Hunter Street Mall will remain a retail precinct that will include a supermarket accessed from Hunter Street. The development will also include other specialty uses such as food and beverage, fast and slow, and entertainment options such as a cinema, all of which are to be provided over a maximum of three levels, accessed from the various street frontages.
UrbanGrowth NSW and GPT have sought additional height permissions on the south-east and south-west of the site for this proposal and cite commercial viability and third party capital investment attractiveness as determining factors. Public feedback regarding the overall proposal is now closed. Concerns over a number of issues were raised by councillors and residents, in particular the heights of three of the towers which, if approved, will change the city skyline. The State Government is now in the process of considering all of the public submissions. UrbanGrowth NSW and GPT are seeking approval for a staged DA process. The proposal includes 17 developments worth $360 million, with seven projects in the core CBD valued at $120 million. Each component of the development will allow for further public discourse as each separate DA is submitted. If approval for the staged DA is granted, individual project DA’s are expected to be submitted in April.
View of the city skyline from Stockton with the potential development in place