Tapping into the regional residential boom, leading developer Multipart Property is cementing its position in the Newcastle/Hunter Region, acquiring a 57-hectare site in Singleton with plans to develop a 400-lot residential subdivision.
The amalgamated site comprises five individual land parcels on Pioneer Road in Hunterview and was acquired from private land-owners for a combined total of $12.655 million.
Multipart’s latest acquisition comes on the back of its successful $140 million Bowline luxury residential apartment development located in nearby Wickham, featuring 97 apartments and four levels of cutting-edge Sydney-quality A-Grade commercial office accommodation.
Bowline sales have also revealed a new emerging trend, with country buyers also relocating to regional cities seeking greater amenity – adding further fuel to the regional boom.
“This latest acquisition represents a definite shift towards regional locations and will also be our first house and land project. The Newcastle and Hunter Region has been a strong performer throughout the COVID-19 pandemic and is poised for further growth – bolstered by an influx of people moving to the regions,” said Matt Zappia, Director of Multipart Property.
Newcastle apartments saw 32.3% median price growth between Q3 2020 – Q3 2021 with a median unit price of $825,000, according to research from PRD Nationwide. Newcastle median house prices are edging closer to the million- dollar bracket sitting at $912,000 and reflecting growth of 11.8 per cent.
“With flexible hybrid and working from home styles the new norm, we see even greater potential in the Newcastle and Hunter Region. Statistics show many families relocating from Sydney to Newcastle to enjoy a relaxed lifestyle while still being in proximity to Sydney CBD and metropolitan areas,” Zappia said.
City-dwellers are moving at a higher rate than before the pandemic, with the quarterly flow of people from capital cities to regional areas during 2020 and 2021 some 15 per cent higher, on average than the previous two years, according to the Regional Australia Institute (RAI).
The Regional Movers Index, backed by relocation data from the Commonwealth Bank (CBA), also shows the shift to regional Australia is more than double pre- pandemic levels and led by Sydney.
Designed by PBD Architects, Bowline is currently 85 per cent sold and has fetched prices of up to $1.6 million for a three-bedroom apartment.
According to exclusive sales agents PRD Nationwide, while buyers have included the expected local down-sizers and investors, seeking to capitalise on the rapid growth of Newcastle and regional boom – a new trend has emerged from rural buyers.
“We have seen a new trend emerging with at least 20 per cent of buyers from the country seeking to relocate to Newcastle from areas including Taree, Tamworth and Greta. While Sydney buyers are seeking a slower pace, these country buyers are looking for more activity and access to amenity including entertainment, education and medical facilities,” said Bree Atkinson, licensed real estate agent at PRD Nationwide.
Interestingly, Bowline also features four levels of offices and retail spaces currently being marketed by leasing agency Commercial Collective.
“Bowline offices present a compelling leasing opportunity in the post-pandemic market, with large 2,300 square metre floorplates and A-Grade accommodation,” said Adam Leacy, Partner at Commercial Collective.
“The design is driven by sustainability and flexibility, both key drivers in retaining talent. We expect the space will appeal to local businesses seeking to upgrade to brand new offices and also some of the businesses opting to relocate from Sydney CBD,” he said.
Bowline’s commercial offering features world class end-of-trip facilities comparable to leading commercial office buildings in Sydney’s CBD. It is this range of inclusions as well as the ~2,200 square metre floorplates that Multipart expect will draw leading national and international tenants to base their Hunter region HQ in the building.
Construction of Bowline has just commenced by appointed contractor Eastern Pacific and is scheduled for completion in Q2 2024.
Located at 10 Dangar Street in Wickham, Bowline offers views of Newcastle Harbour and nearby marinas and is just two kilometres from the CBD and adjacent to the new Newcastle Light Rail Interchange.
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