Opportunities galore as construction takes off in Gosford

OVER THE NEXT two years Gosford CBD will experience an explosion of residential accommodation with six high rise projects now under construction.

Nearly a thousand residential units are now under construction with completion dates from late 2024 to early 2025 and this means the Gosford CBD population will rise by around 2,000 people.

Gosford’s population has already jumped from 3,499 in 2016 to 4,873 in 2021 (ABS Census) and this reflects the building boom of residential units at the outer edges of the CBD in those five years.

Another factor to consider is that the Median Age in Gosford CBD is 35 years and more importantly the Weekly Household Income has risen from $1,203 in 2016 to $1,421 in 2021. All this indicates a changing socioeconomic demographic in the marketplace.

Of course, Gosford CBD services a much wider area and all it needs is for business operators to recognise the opportunities.

Meanwhile, off-the-plan sales for all of the major developments now under construction are reported to be strong and all developers are very upbeat with progress so far.

Developer Project Units

Alceon Rumbalara 188

ALAND Archibald 323

Group Sapphire Gosford 97

Investments Vue Mer Residences 177

5-star Hotel for Gosford

(L-R)

Clint Willoughby.

Mr Tadrosse said he was proud to kick off such a significant milestone that meant as much for the company as it did for the Central Coast, particularly given the strong buyer and community interest in the wide range of lifestyle amenities within project. “Gosford has been waiting several years for this site to be transformed and we’re extremely proud to be the developer and builder with the foresight and resources to bring it to fruition,” Mr Tadrosse said.

The Archibald development includes a 130 room hotel and roof top Sky Bar.

CCBR understands that ALAND are presently negotiating with a 5-star hotel operator with an announcement to be made soon.

All developers are reporting satisfactory off-the-plan sales, even with the housing market being depressed.

Alceon Sales Manager Todd Campling said that sales are proceeding well and they expect units will be sold before completion.

Prices at Rumbalara range from $950,000 for a 2-bed apartment to $4 million for a ‘treehouse’ apartment.

UON Gosford Campus

At some point some smart operator will see an opportunity to cash in on the university students that the new UON Gosford Campus will attract. There is already a need flowing from the UON Clinical School and Research Institute at Gosford Hospital.

Student accommodation is only one aspect of providing for the needs of students, including foreign students. They will be looking to be serviced with everything from food to entertainment and leisure options.

A growing night time economy

As one example of how a forward thinking entrepreneur saw opportunities in Gosford, Grant Buckham saw the number of high rise units being built in and around Gosford.

Knowing that Gosford had nothing to offer people moving in, in 2018 he opened Bay Road Brew in Donnison Street.

It has proved a highly successful venture.

Since then the Harris Family has invested $12 million in renovations at the Hotel Gosford and John Singleton has recently refurbished The Bon Pavilion and renamed it Railway Hotel.

All are flourishing!