Newcastle has had a huge amount of interest in recent weeks with the announcement of the closure of the heavy rail line into the city. So what does this mean for the city? Firstly the construction alone is set to bring in $550 million dollars of investment into the CBD. This will trigger the CBD revitalisation joint venture between GPT & Landcom. There have already been a number of projects that have started and sold, several that will kick off now the news of the heavy rail will be removed.
Which areas are set to benefit the most from this increase in investment? Basically there has been huge growth in suburbs such as Islington, Carrington, Tighes Hill & Wickham, are all are close to the harbour/beaches by cycleways. They’ve become incredibly popular with most buyer segments. Once working class suburbs, the homes in these vary but are dominated by 1900-1940s bungalows. For more in depth commentary on each suburb and its housing stock, I will slowly be piecing together an overview of each suburb. The suburb record for Islington was just recently smashed by this property in Power Street.
Why else? Adjoining these suburbs is 200 hectares (494 acres) of un-utilised port land. The potential for job creating redevelopment and further multi-billion dollar investment, not just in the project but supporting infrastructure. I have covered this in more detail with some information from the key stakeholders in another blog post.
The video below was commissioned to show off the best bits of the city and demonstrate why Newcastle is the city to consider investing or moving to.