Construction Update on the Waterfront Site at Newcastle’s Honeysuckle Precinct


Back in October of this year, it was reported that the NSW government has agreed to a plan for three new apartment buildings on the waterfront site at 21 Honeysuckle Drive in Newcastle. This is the first construction at the site in 10 years.

Hunter Development Corporation, the government’s Honeysuckle overseer, has awarded the contract to redevelop the prime 7300 sq m site at Lee Wharf to Doma group, a Canberra developer.

So here’s the update, The Doma group is still awaiting the greenlight from the NSW Planning Department, but construction is scheduled to begin as early as the second half of 2017.

Development Concept
Designed by Sydney firm SJB Architects, the 21 Honeysuckle Drive site will consist of three buildings with a combination of one-, two- three-bedroom apartments, stand-alone townhouses and retail shops on the ground floor.

According to Valentina Misevska, Hunter Development Corporation’s acting general manager, the redevelopment project represents a major contributor to NSW’s broader urban revitalisation program in Newcastle’s city centre.

A development application for this project is expected to be submitted in the coming months.

At this stage the plan has not been released by the government and the Doma group because the developer wants to wrap up a few features prior to submitting a development application. However, Ms Misevska revealed that a major aspect of this project will be the beautiful landscaping planned for the public promenade and Worth Place Park beside the site.

With the size and water frontage of the Lee Wharf block, it is estimated that the price could reach roughly $1500 per sq m and easily be valued at over $50 million.
 
The cost of development
The 252 car spaces that are there now will be lost once work starts at the Honeysuckle site. In addition, 370 harbourside car spaces near Throsby Creek will be removed with the planned development of land at Cottage Creek and Throsby Wharf. Another 180 spaces are expected to be lost if the government and the University of Newcastle strike a deal to develop three sites on nearby Wright Lane.

As a result of the looming loss of a significant number of harbourside parking spaces, the government has made a promise to implement a city-wide parking plan.

The plan will be designed by government agencies such as UrbanGrowth NSW, the development corporation and the Newcastle council, and will take into account the existing parking in the Newcastle city centre including availability, accessibility and zonings.

Eliminating your Mortgage: Yes you can!

http://www.mortgageeliminators.com.au/


Home ownership is a wonderful thing – there is nothing like having something that is ‘yours’. It is the culmination of some hard working hours earning enough for a deposit or possibly you may have been gifted some help on the way. The first few mortgage payments make you gasp for air, but that feeling of exhilaration is still there and you convince yourself that the pain is worth it because you now have your own home. 

As the months and years start to roll by, there are many other commitments that start to put in an appearance; the birth of children, educating your kids, the need to update vehicles, looking after elderly parents, the desire to start your own business, having to go through some trials such as ill health…………..and so the list can go on. You find yourself feeling constantly burdened by the weight of the mortgage payments. 

This is the passion that drove Mark Taylor, of Mortgage Eliminators to develop a solution to help reduce that heavy burden; a way in which homeowners could eliminate their mortgage and instead be able to use their finances towards their other commitments and wants. Simply put Mark’s motivation behind his business is about helping people to not have to live their life around their mortgage, with every decision always hanging on it. 

Mark says, the method to eliminating the mortgage is through a tailored property investment solution. He explains with this example of a married couple, professionals in their early 30’s with their first child. They have an existing home worth $450K of which $300K is a mortgage and they pay $500 per week for their mortgage. Thus, they have $150K equity in the home. 

Mark explains that this couple could, with a 0% layout and instead using the equity in their existing home, purchase a dual key property for $650K. A dual key property is one where there is 2 residences – such as a 3 bedroom home and a 2 bedroom granny flat at the back of the property. For a property of this type the couple can conservatively expect $700 per week in rent ($400 for the 3 bedroom home and $300 for the granny flat).  

On top of the $700, Mark says, this couple would also be entitled to approximately $300 (on average) in tax benefits. The tax benefits would be on fixtures and fittings like curtains and air conditioners. The government wants to encourage those purchasing investment properties (which it does so through tax benefits) so that there is more houses supplied for Australians. The result for the family is they would gain $1000 per week ($700 rent + $300 tax benefits) which they can use to pay off their existing mortgage over a 3 to 8 year period.    

To learn more about how this could work for you, contact Mark Taylor on 0414 411 144 today to BOOK your complimentary, no-obligation 45 minute conversation. Mark will show you how you can use the equity in your existing home and your current financial situation to eliminate your mortgage within 3 to 8 years. 

There is nothing to lose, but everything to gain so don’t let your fear of property investment hold you back. Mark and team at Mortgage Eliminators are able to help with all aspects of the property investment from your financial arrangements through to the purchase of the land and build of the property. They will take care of you and your family, helping you secure a future in which you will NOT have to be burdened by a mortgage. 

For more information and testimonials of those who have taken the leap of eliminating their mortgage through property investment, go to www.mortgageeliminators.com.au   

Useful Tips When Purchasing a House and Land Package

You can get many benefits from investing in a house and land package – as long as you know the basics of such transaction.

  • When considering buying a house and land package, where it is located will establish its capital growth over the long term. For instance, estates near the coast will likely be more popular with prospective buyers due to the increasing importance of lifestyle living
  • New estates with limited building timeframe will be constructed faster and this will raise the properties’ resale price.
  • Make sure to know the size of the land in square metres. This will let you compare the prices of blocks in surrounding areas. It would also be beneficial to select an estate with a park view and other distinguishing features that would attract future buyers.
  • Be aware of what is included and what you still need to upgrade and pay for. These can be things like ducted air-conditioning, stone bench tops, fences & driveways, letterbox, clothes line, security screen doors etc. All these items will increase your resale and will cost you less if done at the time of construction rather than later while living in the home and when prices increase.
  • Avoid buying a house and land package that is situated on a busy road as these estates are harder to resell. With new estates, a road may seem tranquil as there are not many houses that are constructed yet. Thus, it is better to check out the estate’s master plan to know its potential flow of traffic.
  • It is also important to know the shape of the land. With a narrow block, you will not be able to build just any house. Land having a sharp gradient that is still to be retained will have a pricey construction cost.
  • If you are considering constructing an eco-friendly home, then it is important to know if the land will get the right amount of sunlight. Even a land with the poorest orientation can appear bright and elevated when it is not occupied. Thus, make sure to hire a professional who can tell you how your land’s exposure to the rain, wind and sun will influence the type of house you will construct.
  • Real estate investors need to look at purchasing a house and lot package in a new development located near other established estates and infastructure. This will provide them a better knowledge of real estate values in the local area. The land-scarcity factor when the new estate is finished will also be advantageous for them.
  • Future capital growth will be influenced by the quality of land development, due to the rising import of “branding” in real estate sales. What appeals most to established buyers are estates with beautiful entry statements and developments offering parks, cycle paths and other lifestyle amenities.
  • Look at the new housing development’s master plan to get an overview of the amenities that are planned to be built over time. Find out also the amount the developer is planning to spend on landscaping and the size of the estate that will be allocated to open-space areas
  • Lastly, ask and investigate if you will have to pay any community fees annually. Some developments will ask for contributions each year to upkeep any playgrounds, waterways and common areas that are not maintained by the council.