EX Royal Newcastle Hospital Site | Newcastle Beach

Location: Ex Royal Newcastle Hospital site and neighbouring David Maddison Building (redundant medical research building) with frontage to Shortland Esplanade, Watt and King Streets, Newcastle East. The total inner city site area was 8,388m²offering expansive views of the coastline to the east and south-east.
Date of Completion: Stage 1 - January 2014; Stage 2 - March 2016; Stage 3 - Jan 2018.
Size of Project - Stage 1: Watt St Commercial - 7,500m² of A- Grade office space. Valuation $40m (March 2018).
Size of Project - Stages 2/3: Arena Apartments & Commercial - Gross Realisation circa $120m. Total Project approx. GFA (above car parking) 15,000 m²
Type of Project: Mixed use commercial and residential master planned development over 3 stages.

Watt Street Commercial

Located on corner of King and Watt Streets, Watt St Commercial delivers 7,500 square metres of first class office accommodation over six levels, along with a 200-seat lecture theatre, 113 secure on-site parking, landscaped courtyard and entry foyer cafe featuring a living green wall. The building has an environmentally conscious 4.5 Star NABERS rating.

Levels 3 to 6 feature large outdoor terraces with views to Nobby’s Lighthouse. At the lowest level a large floor plate of 2200 square metres with excellent natural light. The adaptive re-use of the redundant David Madison medical research facility has allowed this iconic building to be saved from demolition, and delivered far-reaching environmental, social & economic benefits to the residents of Newcastle.

Stronach Property acted as Development Manager and leader of the private equity consortium in the ultimate ownership & funding of Watt Street Commercial. Stronach Property is the buildings commercial property manager.

Arena Apartments South

Arena Apartments North

Northern building comprising 14 levels of residential dwellings (162 dwellings with studio, one, two and three-bedroom mix) with basement parking. Two Commercial spaces of 169m² and 500 m² on ground and lower ground floors. In total, purchasers elected to combine 18 apartments to have larger 2, 3 and in one case a 4-bedroom apartment. The flexibility in design and assistance by Stronach Property as Development Project Manager facilitated this. In excess of 85% of the apartments benefit from ocean views.

EX Royal Newcastle Hospital Site | Newcastle Beach

Stronach Property has a strong track record in delivering developments to the local market. Stronach acquired the balance of the Ex-Royal Hospital Site & the neighbouring David Madison medical research facility from Mirvac in June 2012. Mirvac had acquired the site with a Landcom Master plan approval in place and partially developed it before deciding to exit the Newcastle market.

Stronach undertook a design competition and concept plan modifications for the Ex-Royal Hospital site which enabled it to deliver a world-class mixed use residential & hotel development that will meet market demand. Subsequent property market conditions led Stronach to revise the development to remove the Hotel component.

Stronach has established strong local knowledge and a deep understanding of the development product that Novocastrians wish to acquire, with trends changing in different property cycles.

Stronach devised an adaptive re-use of the David Madison Building into A-Grade office space, which is currently 100% leased. This project was completed in December 2013.

Stronach Property Involvement

Stronach Property acted as Development Project Manager for the site from initial acquisition negotiations to completion of Watt St Commercial, Arena South & North.

EX Royal Newcastle Hospital Site | Newcastle Beach