Investment into Newcastle Future at $3.70/sqm10 March 2020
Associates of Simon Ainsworth have acquired a massive 736 ha of land near Glendale, west of Newcastle for what could become a new urban release area for Newcastle.
The group have acquired the site for $27.5m ($3.70/sqm of site area) from the Newcastle Wallsend Coal Co who ceased mining in 2016 and has since rehabilitated much of the site. The site is currently covered in bushland vegetation.
The land straddles both sides of the Newcastle Link Rd with direct connections from an existing diamond interchange providing excellent access to the Hunter, Newcastle and Sydney.
The land is predominantly situated in the Newcastle City council area and is currently zoned E4 Environmental Living with a minimum lot size of 40ha. Large land holdings immediately west of the site and in the Lake Macquarie local council area have recently been identified as new Urban Release Areas.
National director of commercial sales at Colliers International Newcastle, Peter Macadam, who handled the sale on behalf of NWCC told the Newcastle Herald that the site has been identified as an "urban release area within strategic planning documents such as Newcastle's Western Corridor Urban Release Area, Lake Macquarie Council's Lifestyle 2030 Strategic Planning document, Imagine Lake Macquarie 2050 and the Greater Newcastle Metropolitan Plan."
"The NWCC site is the largest value-add opportunity offered to the market in recent history," Mr Macadam said.
The land was acquired by Eden Estate (Newcastle) Pty Ltd of which Simon Ainsworth is associated with. Simon, who is the son of the Len Ainsworth, also has interests in horticulture, established Eden Gardens in Macquarie Park and Carseldine.