Parrys Cove: 10-year Tea Garden’s development set to generate $1B in economic output

A $100 million residential development planned for the Mid-North Coast will be worth 10 times that amount when it’s ready for occupancy — and there’s good news for job seekers.

A $100 million residential development at Tea Gardens will be worth 10 times that amount to the local community when it’s ready for occupancy in 10 years time, a report has found.

The massive Parry’s Cove residential development, the single-biggest ever delivered in the region, is just days away from being approved after MidCoast Council granted its consent for the near 1000-dwelling project to go ahead.

In its report to the NSW Northern Region Planning Panel, the council said the development - which is set to generate up to 1841 construction jobs over 10 years and provide an additional 704 permanent local resident jobs thereafter - was in the public interest.

The site will be surrounded by 100ha of natural bushland setting

Part of the reason behind its recommendation was the sheer economic value that a project of this kind would deliver to such a small community.

It states that over the duration of the construction phase, the land subdivision is projected to have an increase of $206.5 million in direct and indirect output to support an estimated 87 direct and indirect jobs.

“The construction of up to 935 dwellings is anticipated to cost an estimated $351.843 million,” the report states.

“The total benefits including all direct and indirect benefits is estimated to boost output by up to $774 million, support up to 1841 jobs resulting in an increase of $121 million in wages and salaries per annum, and value-added creation of up to $246.534 million.”

In total, this will equate to more than $1.02 billion in direct and indirect economic output to the local economy.

The new Parrys Cove development will feature a purpose built Wellness Hub.jpg

The brand new 725 residential development will be built on the edge of the Myall River surrounded by 100ha of natural bushland.

A Mid-Coast Council spokeswoman said it is believed the proposal by Sydney-based developer, Sheargold is the “highest value single DA lodged for the Tea Gardens and Hawks Nest area”.

Sheargold managing director, Michael Sheargold said: “We are one step closer to our vision of providing a high calibre coastal community that we hope enhances the quality of life for future and existing residents”.

Residents will have access to a range of on-site features including a purpose built ‘Wellness Centre’ that will include a state-of-the-art gym, a heated indoor pool, Yoga and pilates studio.

A ‘Residents’ Hub’ will also be built, featuring a large indoor-outdoor space that will be the central community meeting area.

The development will front the Myall Lakes in Tea Gardens

A commercial grade kitchen, barbecue facilities, Bocce court, community veggie patch, movie screen, outdoor fireplaces, expansive decks and covered lookouts will look out over a lake.

Multiple parks and laneways will create a connected and walkable streetscape to encourage residents and the broader community to enjoy the 100ha of natural bushland setting.

A shopping precinct and medical facilities will be located at the entrance to the project. It will include a Coles supermarket, banking, bakery, post office, wine shop, fashion outlets, a cafe, pharmacy and Ochre Health Medical Centre.

Mr Sheargold said the development’s name derives from early pioneers Sir William Edward Parry and his wife Lady Isabella Louisa Parry who were great contributors to the community.

It is one of a number of landmark developments in the Sheargold Property Developments’ stable.

Mr Sheargold says it is their vision to create inspiring spaces through the projects they deliver.

Major current or recent past projects include the award-winning Vista Park master planned community in the West Dapto release area, Sussex Inlet Golf Village, a master planned golf course community, Forest Grove estate at Kanahooka, and the suburb of Cordeaux Heights in Wollongong.

The proposal, the MidCoast Council report said, is considered to be satisfactory and the site has been deemed suitable for the proposed development.

The development will go to the NRPP on Thursday, December 9.