$160 million Wests development adds to Newcastle’s booming private sector portfolio
Wests Group Australia has lodged a $160 million development with Newcastle Council for two multistorey mixed use residential facilities, located next to NEX Wests City.
Newcastle
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Another massive new multimillion-dollar development is set to add to the transformation and revitalisation of Newcastle into a thriving mecca, at the hands of licensed club giant Wests Group Australia.
A $160 million development has been lodged with Newcastle Council for two multistorey mixed use residential facilities on King St, located next to NEX Wests City where the current carpark resides.
The application includes two 14 storey buildings consisting of a 144-bed seniors aged care facility, 82 seniors independent living units and 166 general residential apartments.
The development will also see ground floor cafes, restaurants and a medical facility with underground parking for close to 300 cars.
A pedestrian laneway between the development and NEX would also include a memorial to the 1989 Newcastle earthquake victims.
It’s one of four multimillion-dollar projects lodged with Council in October, with more than $365 million in new development going for approval over the past three months.
City of Newcastle Lord Mayor Nuatali Nelmes said the increase in investment was yet more evidence of the private sector’s confidence in the city.
“Newcastle is undergoing an unprecedented construction boom on the back of the our progressive, future-focused vision for the City,” she said.
“The latest influx of investment is particularly exciting as it involves formerly under-utilised sites now earmarked for development.
“These plans will drive our local economy and contribute to the vibrancy of our community for decades to come.”
In a bonza week for Newcastle developments, real estate developer Iris Capital also lodged an application for an $18 million restoration of the former David Jones building on Hunter St to a hotel.
And work has also officially started on the conversion of Newcastle Council’s former headquarters, the Roundhouse, into the city’s first five star hotel and roof top bar, worth an estimated $24 million.
“Newcastle’s transformation is truly underway. It’s fantastic that our city centre will soon be home to two five-star hotels,” Ms Nelmes added.
“Our city has seen a 60 per cent increase in visitor numbers and expenditure in the past five years which again positions Newcastle as a destination city that continues to grow and improve.”