Government stalling on $5m grant funding will negate recent residential zoning releases

In early December 2022 the Parliamentary Secretary for the Central Coast, Adam Crouch announced that “five planning proposals have been finalised that could deliver more than 1,300 new homes, 1,000 jobs, a hotel, open space and protect 53 hectares of conservation land”. The Chain Valley Bay and Lake Munmorah projects were amongst these proposals.

He made no mention of the need to provide funding for the CVB Road / Pacific Highway Lake Munmorah intersection that is crucial for all developments in the area to proceed.

Meanwhile the government continues to make multimillion dollar investments in Western Sydney.

The Central Coast’s housing crisis was highlighted at a Business NSW Housing Summit in September last year as the most significant issue facing the region as population is forecast to grow to over 400,000 residents by 2041 requiring an additional 43,000 homes.

A SIGNIFICANT COMPONENT of the Plans for 1,300 new homes to be built in the Doyalson / Lake Munmorah area may come to nothing as the State Government prevaricates over funding for an upgrade of the Pacific Highway / Chain Valley Road intersection at Lake Munmorah.

Three landowners, Vivacity Property, JG Developments, and the Darkinjung Local Aboriginal Land Council are anxious to get moving with their projects that will see over 800 homes built at Chain Valley Bay with Vivacity saying they could start construction of 270 homes immediately.

However, the one sticking point is the cost of upgrading the intersection estimated by TFNSW to cost $6.7 which is already failing the existing population (many elderly residents).

While the three landowners are prepared to contribute $1.7 million, being their pro- instruments, including LEPs, DCPs and Masterplans.

Central Coast Council would like to hear the community’s thoughts on growth and projects in Greater Warnervale and will be seeking community input on the draft Greater Warnervale Structure Plan in late January 2023”

Meanwhile, over the years there have been numerous studies and reports that simply represent a huge waster of money.

The greatest lost opportunity in Warnervale was the loss of the Warnervale Town Centre designed to provide extensive community recreational facilities along with retail and other portional share , the government needs to come up with the remaining $5 million. essential services.

In 2019 the landowners engaged consultants to complete the design and costing for the intersection to assist TFNSW in the preparation of a business case, which was further assisted by a $500,000 grant from the Housing Acceleration Fund. These funds were used by TfNSW to finalise the design and costing. So, we have a shovel ready project.

The rezoning of the urban release area completed in December 2022 and the construction of the first projects are programmed to begin in 2024 subject to Council approval. However TfNSW will not support the release of any new lots or occupation of new homes until the intersection upgrade has commenced. No new lots can be registered, or houses occupied until the lights are on.

Subsequently Woolworths acquired their own land on the side of a hill on the railway line and expected government to relocate the Warnervale Railway Station. That never happened and now essential community facilities to support the growing population don’t exist.

The only industrial land that has been developed is a relatively small area where Woolworths Distribution Centre and other logistics businesses are located.

As for the WEZ it still requires significant upfront investment in infrastructure and the acceptance by staff at Council that industrial land is for factories and not swift parrots or squirrel gliders.

The issue has major social implications for the region and land availability, apart from a speedy development approval process, and was highlighted as the most important issue facing government at all levels.

In September 2021 TFNSW submitted an application to the Department of Planning for grant funding under the Accelerated Infrastructure Fund - Round 3. Under the AIF application process, applicants must fund 25 percent ($1,675,000) of the total project cost. TFNSW has advised that there is no funding in its capital program for these works, and therefore the landowners have provided an undertaking to fund the 25 percent co-contribution. Under the AIF 3 process, funding agreements are scheduled for completion in April 2023, with the first tranche of funding being made available in April-May 2023, and all projects commencing construction by July 2025.

Sales

New Wyong unit complex almost sold out property at 11 Mitchell Street, Norah Head.

The property is leased to Norah Head Water Fitness Centre on 10 year lease with 2 x 5 year options at a current rental of $39,647 plus Outgoings, the tenant having been in place for 8 years.

Return on the investment was 6.0%.

The property comprises approximately 264sqm of area consisting of a large pool area, storage/office space, toilet and shower amenities and an additional 6m dive pool.

The property was on the market for 115 days with the last time it was traded being in 2007 (source: rpdata)

Mark Davies from Raine & Horne Commercial negotiated the sale.

Dance school leases Berkeley Vale industrial unit

A high performance dance school has leased 189 sqm industrial unit at 6 Corella Close, Berkeley Vale.

Terms of lease are 3 years with 3 year option at a rental of $34,000 per annum including outgoings plus GST.

Mark Davies from Raine & Horne Commercial Central Coast negotiated the lease.

Wyong based developer, Mason Development Group Pty Ltd, has completed

A 7-unit industrial complex at 21 Donaldson Street, Wyong with all but one unit sold off the plan through agent Mark Davies from Raine & Horne Commercial Central Coast.

Two units sold most recently include:

A Sydney investor has paid $681,000 plus GST for Unit 5 of 227 sqm,

A local training company has paid $907,962 plus GST for unit 3 or 275 sqm.

West Gosford units sold under the hammer

Rio Williams from LJ Hooker Commercial Centra Coast negotiated the sale.

Leasings

Builder leases in Erina Plaza

Construction company takes short lease at Tuggerah

Steelwood Construction Group has leased Unit 3 of 135 sqm at 5 Mildon Road, Tuggerah.

Terms of lease are 2 years with 1 year option at a rental of $23,000 per annum + Outgoings and GST.

Rick O’Toole from DiJones Commercial Central Coast negotiated the lease.

Online health company leases at Charmhaven

Three strata titled warehouse units at 3 Koala Crescent, West Gosford and formerly owned by Transport for NSW sold at auction in late 2022 with 13 registered bidders.

Unit 3 of 299 sqm sold to an owner occupier for $$460,000 (GST not applicable),

Units 4 and 5 were sold in one line to a local investor for:

Unit 4 of 257 sqm $485,050 (GST not applicable), and

Unit 5 of 257 sqm $404,950 (GST not applicable.

Karen Aubrey from LJ Hooker Commercial Central Coast handled the sale for Transport for NSW.

Investor buys Norah Head tenanted investment

A Sydney investor has paid $659,000 (GST not applicable) for an Unit 1 an investment

Suite 1, 210 The Entrance Road, Erina Erina Plaza has been leased to Baker Built Pty Ltd.

Terms of lease for the 140sqm space are 3 years with 3 year option at a rental of $47,000 per annum plus Outgoings with 6% fixed increase and CPI for 2nd term.

Nicole Barr from Commercialhq negotiated the lease.

Trailer company leases free standing building at West Gosford Coastmac Trailers have expanded and leased a freestanding high clearance factory warehouse and showroom at 4 Dignity Close, West Gosford.

The property comprises1,014sqm building on a 2,681 sqm block.

Terms of lease are 3 years with 3 year option at a rental of $123,400 per annum including Outgoings plus GST.

Karen Aubrey from LJ Hooker Commercial Central Coast negotiated the lease.

Barber leases at Toukley

A barber has leased a 108sqm shopfront at 225c Main Road, Toukley.

Terms of lease are 3 years with 3 year option at a rental $20,800 per annum plus Outgoings and GST

Mungbean Health an online naturopathic clinic has leased a 169 sqm warehouse unit at 4 Fairmile Close, Charmhaven.

Terms of lease are 2 years with 1 year option at a rental of $23,000 per annum plus Outgoings and GST.

Rick O’Toole from DiJones Commercial Central Coast negotiated the lease.

Strata agency leases at Wamberal

A real estate strata agency has leased Shop 1 a 72 sqm shopfront premises at 2 Ghersi Avenue, Wamberal (previously leased by a homewares business that has moved to Long Jetty).

Terms of lease are 5 years plus 5 year option at a rental of $33,925 per annum plus Outgoings and GST.

Michael Flood from DiJones Commercial Central Coast negotiated the lease.