Developer ALAND pours $1 billion into Gosford with new high-rise towers
The Central Coast rebuild is underway as a Sydney developer reveals construction for 30-storey towers on a landmark site, doubling its investment to $1 billion. SEE HOW THEY’LL LOOK
A $1 billion transformation of Gosford is underway, as Andrew Hrsto’s ALAND doubles down on work with its second major residential project on The Central Coast underway in a matter of months.
The family-run developer, hailing from Western Sydney, is about to start construction on the new $600 million ‘Amalfi’ precinct, on the former Central Coast landmark site at Frogys roller skating rink.
The three high-rise towers will feature a series of four-bedroom “sky homes”, as well as a mix of one-, two- and three-bedroom apartments, alongside a supermarket, a cafe and a “destination restaurant”.
The ‘Amalfi’ plans come as hundreds of families and holiday-makers flock to the newly completed, $375 million Archibald residential towers in Donnison St, featuring 323 apartments, a 130 room Voco Hotel and six restaurants and pubs – set to be opened to the public on Monday.
“We identified a market there, expecting growth,” Mr Hrsto told The Daily Telegraph. “We identified that Gosford was being left behind, and there was an opportunity to upscale.
“We jumped on Gosford and we were correct in our prediction.”
The ALAND boss said he was taking on a new style of venture with short-term accommodation inside his developments, as part of the reimagining of landmark sites in Gosford.
“This is a new arm of a business, which is very exciting and nerve-racking,” he confessed.
“We had to create a whole new arm of the businesses.”
He said he was partnering with VOCO and IHG Hotels and Resorts to bring the hotel experience to life at his Gosford developments.
Mr Hrsto said the uptake in interest on apartments inside the first project inspired the move to “double down” and invest close to twice as much cash into his second residential venture in Gosford.
The ALAND boss said The Central Coast redevelopment was “appealing to Sydney buyers” looking to downsize or get into the market.
“The public spaces, apartments and guest rooms also channel that relaxed, coastal lifestyle vibe but with a splash of European sophistication,” he said.
Looking ahead to the $600 million plans for 50-70 Mann St, Gosford, Mr Hrsto said towers would range up to 30 storeys on the site.
“The residential component of Amalfi sits atop a commercial podium that will contain a supermarket, a cafe and a destination restaurant,” he said, while calling for the areas to be “repositioned as the state’s newest tourist and conference destination” as the population booms by over 100,000 residents and 55,000 new jobs by 2041.
“Amalfi is the next chapter in the story of Gosford’s transformation, offering superior open-plan apartments and a number of special features such as glass-screened balconies and rooftop swimming pools,” he said. “We are looking at investing further in Gosford, around the CBD.
“The Archibald was like driving a steak into the ground, it's a new beginning for Gosford.
“But it will be a different place in 10 years ... it is the perfect location for reinvigoration or investment for new developers in that region.”
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Originally published as Developer ALAND pours $1 billion into Gosford with new high-rise towers
