Newcastle's rejuvenation potential for commercial property investment
Funding for Newcastle's CBD rejuvenation is continuing to receive support from industry ...
Funding for Newcastle's CBD rejuvenation is continuing to receive support from industry players.
In a move that may bring new opportunities for commercial property investment in the city centre, plans are going ahead for redirected capital from the Port of Newcastle into the CBD, which marks a "great day for Newcastle", according to the Property Council of Australia.
New South Wales executive director Glenn Byres has backed the investments since their initial proposal in December last year, which has already seen over $300 million worth of projects started or approved in the last six months.
Mr Byres said that the funding has already triggered increased private development activity.
The Urban Taskforce has also backed the move, although the taskforce's chief executive officer Chris Johnson thinks more can be done to link the city to the water.
"The studies need to also look at how to better connect the city to the water. The images presented by the government show a corridor with light rail but no urban activation that is needed to increase connectivity," said Mr Johnson in a June 18 statement.
With additional funding for the CBD, there may be more chances for those looking to buy an investment property in the city.