I think we can all agree that a rejuvenation of Gosford’s CBD is well overdue. And it looks set to finally happen with demolition of the old Frogys site, unused since 2002, due to commence in March.
Earmarked for the site is the Waterside development, a $180 million project including 3 high rise towers and an open space for public use which will connect the Gosford CBD with the waterfront.
A snapshot of the development:
- 8500sq m site with 47% of open space
- 3 towers ranging from 26 -34 storeys
- 60 hotel rooms
- 572 residential units
- Residential, commercial, restaurants, entertainment, possibly even a boutique theatre
The Waterside development is creating fantastic opportunities for locals. The planning stage has utilised all local companies and local tradespeople will be used in the construction as much as possible.
As well as the new development on Mann Street, there has been an additional 22 Development Applications lodged in just the month of August 2014, amounting to $464 million in investment for Gosford. Among these applications are a new childcare and medical centre development in Showground Road and a purpose-built ATO office to house 600 staff.
There are other suburbs on the rise too:
- A carpark at Ettalong reportedly sold for $8 million recently with a Development Application approval for 45 residential apartments and 7 retail stores.
- Development site for sale $5million
- The Key site redevelopment alone is planning to create 135 apartments at a cost of $44.1 million.
- The Lakeside Plaza development involves twin 113.8m high towers housing a shopping centre, restaurant, multipurpose function space, 2 pools, 100 hotel rooms, 1325 parking spaces and 396 homes. At an investment of $300m this development is the largest ever in Wyong Shire. It is set to create 600 full-time jobs for locals as well as many more during the construction phase.
So what does this mean for property owners and investors?
A similar scenario occurred in Rhodes and offers an insight to the potential future of the Central Coast, and Gosford in particular. Rhodes Waterside (a major shopping complex including Ikea) was built and other developers, both commercial and residential, soon moved in. In 2003 alone, 540 units were sold in Rhodes, 267 more than any other inner west suburb and prices rose by 2.5% in the same period bringing the median unit price to $635,000.
Part of the reason for the growth is that Rhodes is now considered a fairly self-sufficient suburb with restaurants, cafes, child care facilities, a train station, parklands and waterfront areas - an area once written off as rough, dilapidated – sound familiar? This mix has attracted a combination of investors and owner-occupiers, from first home buyers to retirees and everyone in between.
The Waterside development, as well as others, on the coast represent a real investment opportunity – and not just in residential property but commercial property and Self Managed Super Funds (SMSFs). With all the commercial activity these projects will generate in the area, demand is set to be driven up equating to better yields and returns on investment.
As the entire Central Coast region receives a much needed investment injection, we expect to see an increase in jobs for locals, increased project work for local businesses and investment opportunities – both residential and commercial. We’re pretty excited to see Gosford on the high rise.