CCBR Business Review

15 P R O P E R T Y R E P O R T S AT A TIME when developers, tradespeople and homeowners on the Central Coast have been frustrated by the delays in Development Approvals and Construction Certificates, the announcement by Minister for Planning and Minister for Homes Anthony Roberts of a Regional Housing Flying Squad to help regional councils clear development approvals faster, couldn’t have come at a better time according to Caine King, Chapter Chair of UDIA Central Coast. Throughout the Central Coast, demand for housing and employment land has increased to unprecedented levels in recent years. The long wait lists for any new hous- ing have been compounded by strong enquiry and overflowing workloads in the industry and at Council. In response to high demand over the past two years, developers have sought to increase production where possible, bringing forward planned stages to deliver more dwellings or employment land to the market sooner. Unfortunately, Council has faced a ‘triple whammy’ of a financial collapse resulting in resource issues, IT chal- lenges and then COVID impacts at a time when the demand for housing and employ- ment land on the Coast is extremely strong. This has resulted in a back log of DA’s and approval times slowing. As a result, the Central Coast is falling behind on meeting its supply needs as judged by market indicators of demand. Residential vacancy rates are at less than 1% compared to Greater Sydney at 1.7%. House value growth and rental price growth have risen higher than Greater Sydney as well. The commitment by the NSW Government to help Council staff with their heavy workload is very much welcomed. UDIA is also encouraged that the recom- mendations put forward in our submission to the Regional Housing Taskforce have been taken on board resulting in the forma- tion of the Regional Housing Flying Squad. “We hope that Central Coast Council can benefit from this support which should alleviate some of the backlog and get the construction industry back on the tools to get houses built This is such a positive announcement at a time when Central Coast has once again been buffeted by yet another crisis in the shape of storms and floods,“ said Mr King. Flying Squad formation couldn’t have arrived at a better time • Flexible lease terms • Competitive rentals • Excellent parking • Air-conditioning, carpets, kitchenette • Balcony access for East Wing suites • Exposure of Complex to Tuggerah Straight FOR LEASE PROFESSIONAL & SPECIALIST MEDICAL SUITES 152-154 PACIFIC HIGHWAY TUGGERAH Easy Parking, great exposure, well maintained & presented property with well known quality tenants including Trader Vics, BCF & Super Cheap Auto, PRP Radiology, Australian Clinical Labs Pathology, Fullerton Health Medical Centre, Geriatrician; Psychologists, Dentist, Sports & Spinal Physiotherapy, Chiropractor, Cafe & more. Ideal for the Professional, Legal, Financial or Medical Specialist with sizes from 16m2 up to 95m2 suitable to Lease or Purchase. Features include: For further details contact Julie Davies on 0402 779 186 A 14-unit industrial development in the Charmhaven industrial area at 4 Fairmile Close, has sold out only months after completion indicating the strong demand from buyers with most units selling off the plan to investors / owner buyers prior to completion for around $3,500 to $4,500 per sqm. Built by SD Group for Park Commercial Pty Ltd the architect designed complex on a 5,699 sqm lot comprises 14 units with features including balconies and glass fronts to allow for natural light, top of the line amenities and kitchenettes and approval for mezzanines for extra stor- age or office space, plus 4-5 allocated card spaces. Additionally, all front units have outdoor terraces leading off the mez- zanines. The last units sold were: Unit 13 of 137 sqm plus 25 sqm mezzanine sold to an investor for $480,400 or $3,506 per sqm Unit 11 of 150 sqm plus 52 sqm mezzanine sold to an investor for $589,900 or $3,932 per sqm Rick O’Toole from DiJones Commercial Central Coast who sold ten of the units said, “Charmhaven has become a high growth area in the northern Central Coast with developers, investors and owner occupiers keen to enter the area’ SALES Charmhaven industrial development sold out CENTRAL COAST BUSINESS REVIEW MAY 2022