Interest blooms for Newcastle CBD's Civic Green apartments
A boutique apartment complex earmarked for the heart of Newcastle’s CBD is drawing strong buyer interest in the wake of its development approval.Civic Green is set to rise on a site in the city’s vibrant King Street precinct and will offer 32 dwellings on four levels.Mark Kentwell, Managing Director of PRD Newcastle and Lake Macquarie, said the $13 million project had attracted significant pre-launch interest which had stepped up since development approval in late December.Civic Green will comprise a mix of one-bedroom, one-bedroom-plus-study and two-bedroom apartments, including four ground-floor warehouse-style dwellings.The project will incorporate the ground and first floors of the existing building on the site.Mr Kentwell said Civic Green’s boutique character, product mix and its ‘walk to anywhere’ CBD location were attracting a mix of owner-occupier and investor buyers.“They like the smaller scale of the project and the fact that its range of apartments will produce a good mix of owner-occupier and investors in the building,” he said.“The new university campus is literally around the corner, Civic Park is close by, and Marketown, Hunter Street Mall and the beach are just a walk away."The boutique size, product mix and location of the development make it unique amongst its competition."So far we have seen strong enquiry from owner occupiers while many nearby developments are closer to 70 or 80 per cent investors.”Sydney-based developer Life Property Group’s decision to commence sales prior to securing approval reflected its confidence in Newcastle’s property scene.“LPG’s faith in the market and this wonderful location has been rewarded because the project has been well received from the get-go,” he said.“We expect the sales momentum to escalate now that Civic Green has the nod from council and is able to enter the construction phase.”Designed by Space Design Architecture, Civic Green’s apartments will range in size from 40sqm to 68sqm and feature stone benchtops and European appliances.Civic Green will include ground floor commercial space and parking for cars, motorbikes and bicycles.Apartments in Civic Green are priced from $335,000.Newcastle New Projects’ CBD display suite is located at 113-145 Hunter St and is open daily.