CCBR Business Review

10 Azure Point Frederick – This property was acquired by Dasco Australia from Central Real last year with plans to com- plete the 39 unit development on the corner of Duke and Albany Streets, Point Frederick. CCBR is advised that construction is planned to commence later this year. Meanwhile, Kyle Brand from George Brand Real Estate said that marketing the project will commence in March 2021. Central Coast Quarter – Following con- ditional approval by the Independent Planning Commission in August 2020 for a mixed use development at 32 Mann Street, Sydney developer, St Hilliers is now currently progressing the detailed DA and will submit it in the coming weeks, Development Manager Justyn Ng advised CCBR. St Hilliers are developing the 8,884 sqm site on the former Gosford Primary School and completed the Financial Services Building for the NSW Government in 2019 as the first stage. St Hilliers Development Manager, Justin Ng said that the first stage of the devel- opment will be the Northern mixed-use residential tower which features approxi- mately 137 apartments with active retail space adjacent to the new Gosford City Park. “We are optimistic about breaking ground this year,” he said. Central Coast Clinical School and Research Institute Central Coast Clinical School and Research Institute - Construction of the $72.5 million Central Coast Research Institute and University of Newcastle Central Coast Clinical School saw comple- tion in November 2020 of its base-build with overall completion due for mid-2021. Located at Gosford Hospital, the Clinical School will feature a 100-seat lecto- rial space, seminar rooms, problem-based learning spaces and breakout areas for students, as well as a library.  Investors still showing interest in Central Coast THE LAST FOUR years has seen a flurry of investment on the Central Coast mostly in and around the Gosford CBD. It started with former car dealer and property developer now financier Tony Denny who through his development company Central Real developed six properties including Elysium at Terrigal in that time. At the same time well known adman and hotel investor, John Singleton, devel- oped Bonython Tower, the first high-rise residential and commercial building in the Gosford CBD. Subsequently Mr Singleton bought the Elanora Hotel in 2019 for a reported $25 million and during last year spent $5 mil- lion refurbishing the property. He is presently developing Ravello Residences on the Gosford waterfront (see later). Towards the end of 2020 the NSW Government completed construction of a $300 million Inter-city Train Maintenance Facility for Transport NSW at Kangy Angy. This Facility will become operational during 2021. Meanwhile, two major property devel- opers, St Hilliers and Lederer Group, continue to be frustrated in their plans to build two major developments in the Gosford CBD totalling around one billion dollars. Both advise CCBR that they are com- mitted to their projects (see later in this article). GOSFORD Ravello Residences on GosfordWaterfront Construction of Ravello Residences on Gosford Waterfront is well advanced with builder Stevens Construction saying that the project will be completed towards the end of 2021. Marketing agent Jaimie Woodcock from McGrath reports that only a handful of apartments remain unsold out of the 45 in the development. The property is being developed by the John Singleton owned Bonython Properties & Investments Pty Ltd. Work has started on Sapphire Apartments on Henry Parry Drive (Old Quarry site) after a number of false starts over many years. Now under new ownership, Pacific Project Group, who is also the builder have been working on the site since early December. CCBR is advised that the crane will be installed in March and a marketing campaign will commence in April. Architects for the project are Thrum Architects who have designed a number of high quality developments on the Central Coast over the past 20 years. Tesmar Projects have developed three residential unit blocks along Hargraves Street, Gosford over the past five years in stages. Construction of Stage 5 at 18 Hargraves Street on the corner of Hargraves and Faunce Streets, to be known as Crestview is about to start. David Nichols from Raine & Horne Gosford who is marketing agent said that Crestview will comprise 40 units with a price tag from $500,000 to $600,000. Horizon, 321-331 Mann Street, Gosford Horizon is a 20 level development to be built on a 3,310 sqm site at 321- 331 Mann Street, Gosford designed by Sydney architects Lutolli Architects for developer JMGM. The building will comprise two tow- ers over a podium base, with two levels of basement car parking, ground level commercial space; and 184 one, two and three-bedroom residential apartments. Exclusive Sales Agents Raine & Horne Coastal opened a Display Suite sales office in Terrigal in early 2021. S P E C I A L R E P O R T CENTRAL COAST BUSINESS REVIEW FEBRUARY 2021