- Sovereign Park has been given the green light from the City of Newcastle
- 166 additional dwellings is hoped to ease pressure of the growing Newcastle population
- The community consultation period saw concerns raised over impacts on environment, traffic and aesthetics
Developers Stronach Property has been given the green light from the City of Newcastle for their planned Sovereign Park project which will see an additional 166 homes added to the market.
Dwellings will include apartments and townhomes which are hoped to help ease the pressure of the growing Newcastle population.
The City of Newcastle estimates that an additional 20,000 new dwellings will be required to support the population set to grow from 41,150 residents to 202,050 by 2041.
The Sovereign Park development application was met with some resistance. Concerns were raised over the impacts of the development on the environment, traffic and aesthetics in Newcastle. Despite this approval was officially granted last week.
The $67.3 million development is located a five minute drive from Newcastle Beach at 11-17 Mosbri Crescent, The Hill. The inner-city Newcastle residence will include one, two and three bedroom apartments and four bedroom townhouses.
The designs made by award winning Marchese Architects will include an abundance of natural lighting and wooden floors.
Stronach Property Managing Director Keith Stronach has reported strong interest in the Sovereign Park offerings, highlighting the ideal location as a key attraction.
“The site is surrounded by some of Newcastle’s most iconic landmarks including Darby Street, King Edward Park, the Bogey Hole, Memorial Walk and the much loved Obelisk,” Mr Stronach said.
“We are very excited with the development approval as we can start the revitalisation of the site and breathe fresh life into one of Newcastle’s most sought after suburbs.”
Keith Stronach, Stronach Property Managing Director
With pricing starting from $599,950, the sale of the Sovereign Park residences is being managed by Colliers Residential Director Ed Crawford.
“The Newcastle inner city and CBD fringe market remains firm in the current market, with demand supported by strong relative affordability, a highly desirable lifestyle offering, and an attractive range of residential projects,” Mr Crawford said.
“As the capital of the biggest regional economy in Australia and only 90 minutes from Hornsby, Newcastle is the favoured destination for people exiting congested metropolitan locations or seeking work-from-home/work-life balance.
“Major urban renewal and regeneration driven by both Government and private sector investment has transformed inner Newcastle into one of the most attractive and desirable locations in Australia,” Mr Crawford said.