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Family-run Urban Property Group has picked up a 26-storey residential tower project on the NSW Central Coast after the original developer collapsed and construction stalled.
The Sydney-based builder-developer is expected to restart work immediately on the project’s $115-million first stage, known as The Waterfront, in Gosford’s Mann Street, about 60km north of Sydney.
The group plans to continue with the same DKO Architecture design for the building, which includes 136 apartments, four ground-floor retail tenancies over about 620sq m, and four levels of basement carparking for 180 cars and around 65 bicycles.
The Waterfront is part of the Central Coast Quarter project, sitting on the 8884sq m site of the former Gosford Public School site. UPG said the three stages of the project would eventually realise 334 apartments and 2800sq m of retail.
Property and Development NSW—the statutory body that manages the state’s significant property portfolio—sold the land to Sydney developer St Hilliers in 2017 for about $9.5 million, with the company then building a six-storey office block.
In April, 2022 St Hilliers won approval for The Waterfront, also known as the northern tower, but by January this year—amid protracted strain in the construction sector—the developer’s building division went into voluntary receivership.
Work halted across its national pipeline of 21 active sites, including the first stage of Central Coast Quarter. The Urban Developer understands work stalled at level five of the residential tower.
Contracts for the acquisition were exchanged on Friday.
Urban Property Group said the work by St Hilliers was of “high-quality”, a sentiment echoed by NSW building commissioner David Chandler.
“The smooth transition of the Central Coast Quarter project to Urban Property Group is an exhibit of everything that the NSW Industry reforms of the past five years set out to achieve,” Chandler said in a prepared statement.
The developer said it would honour existing presales contracts.
“We recognise the significance of this project to the community, the existing buyers, as well as future buyers,” chief executive Patrick Elias said. “Our acquisition ensures existing sales agreements will be honoured and buyers will receive the quality they expect.
“In times of industry uncertainty, well-capitalised and well-managed property groups have a unique opportunity to step in, stabilise and revitalise projects—ensuring continuity for buyers, the construction industry and communities.”
Urban Property expects to complete The Waterfront towards the end of next year.
