- 13-storey building is Newcastle’s largest commercial transaction to date
- 11,000sqm of commercial space for up to 1000 employees
- Newcastle is the strongest performing non-metropolitan office market in Australia
Newcastle’s West End is set to be transferred into an A-Grade commercial business centre with a $107 million project responding to the city’s growing market.
Set to be the largest commercial transaction to date in Newcastle, HG 727 in Hunter Street will be developed by HYG, Newcastle’s Core Project Group (CPG) and PDS Group’s NSW office.
11,000sqm of commercial space across thirteen-storeys will be offered for up to 1000 employees, which will make it the tallest building in Newcastle upon completionion.
HYG’s Tony Zhang is excited about bringing an innovative A-Grade commercial building to the second-largest city in New South Wales.
“At HYG, we have a desire for architectural excellence and this goal remains steadfast for the HQ 727 project, which features elegant yet functional features including a rooftop terrace set to inspire and premium end of trip facilities to cater for active lifestyles,” said Mr Zhang.
“We believe that there is a significant demand for quality office stock in Newcastle to support the ongoing growth of local businesses and the economy.”
According to the Property Council of Australia’s Office Market Report, Newcastle has a 3.1% vacancy rate in the A grade office market – the strongest non-metropolitan office market nationally.
CPG during the past ten years has delivered around 100,000sqm of gross floor area to Newcastle West, with the asset value of this just shy of $400 million.
The project will be the final piece in the Birdwood Precinct in Newcastle West’s new CBD, which Courtney Knight from CPG is thrilled to see.
“Since the design of our visions for the Birdwood Precinct in 2015, we’ve been focused heavily on creating a service-based precinct in Newcastle’s new CBD. With the completion of the Holiday Inn Express, RSL Lifecare vertical village and Newcastle first vertical Childcare Centre, this project is the jewel in the crown of the precinct both in its scale and locality,” Ms Knight said.
“At CPG we’re focused on designing and delivering quality and innovative turn-key projects to the highest standards, and we’re excited to set a whole new benchmark with HQ 727. A state-of-the-art project that has been designed to reflect a new era of commercial office accommodation where business and people alike can thrive and inspire.”