EX Royal Newcastle Hospital Site | Newcastle Beach

EX Royal Newcastle Hospital Site | Newcastle Beach2019-05-09T15:04:50+11:00

EX Royal Newcastle Hospital Site | Newcastle Beach

Location: Ex Royal Newcastle Hospital site and neighbouring David Maddison Building (redundant medical research building) with frontage to Shortland Esplanade, Watt and King Streets, Newcastle East. The total inner city site area was 8,388moffering expansive views of the coastline to the east and south-east.
Date of Completion: Stage 1 - January 2014; Stage 2 - March 2016; Stage 3 - Jan 2018.
Size of Project - Stage 1: Watt St Commercial - 7,500m2 of A- Grade office space. Valuation $40m (March 2018).
Size of Project - Stages 2/3:
 Arena Apartments & Commercial - Gross Realisation circa $120m. Total Project approx. GFA (above car parking) 15,000 m
Type of Project: Mixed use commercial and residential master planned development over 3 stages.

EX Royal Newcastle Hospital Site | Newcastle Beach

 

Stronach Property has a strong track record in delivering developments to the local market. Stronach acquired the balance of the Ex-Royal Hospital Site & the neighbouring David Madison medical research facility from Mirvac in June 2012. Mirvac had acquired the site with a Landcom Master plan approval in place and partially developed it before deciding to exit the Newcastle market.

Stronach undertook a design competition and concept plan modifications for the Ex-Royal Hospital site which enabled it to deliver a world-class mixed use residential & hotel development that will meet market demand. Subsequent property market conditions led Stronach to revise the development to remove the Hotel component.

Stronach has established strong local knowledge and a deep understanding of the development product that Novocastrians wish to acquire, with trends changing in different property cycles.

Stronach devised an adaptive re-use of the David Madison Building into A-Grade office space, which is currently 100% leased. This project was completed in December 2013.

 

Stronach Property Involvement

Stronach Property acted as Development Project Manager for the site from initial acquisition negotiations to completion of Watt St Commercial, Arena South & North.