July 2014

Property Council identifies over $1 billion in Newcastle CBD projects

The Property Council’s Hunter Division has identified over $1 billion in Newcastle CBD projects and has growing confidence in the future of the city.

Property Council NSW Regional Director – Hunter, Andrew Fletcher, attributes the change in investor sentiment to the greater certainty in Government policy.

“The Property Council fully supports the Government’s vision for urban renewal in Newcastle and we are appreciative that policy has finally a firm direction,” said Andrew.

“It has been conclusively shown that as certainty around Government policy settings has grown, so too has confidence.”

“The $1 billion tally is conservative and does not include every single project.”

“It is evidence that Newcastle can attract major development dollars provided it provides the right environment for investors.”

Although there is growing confidence, the Property Council is well aware that there is still a great deal to be done before Newcastle becomes the modern city the region deserves.

“Government planning and consultation with the community and industry has been extensive but now is the time for action,” Andrew added.

“There also remain issues that need to be dealt with to further boost CBD development.”

“Mine subsidence is still of major concern and fixing the issue once and for all would create a level playing field for investors in Newcastle and turbo-charge revitalisation of the City Centre.”