Parq on Flinders, formerly known as the Gateway site, will start taking deposits for residential units in August as owners are certain their latest DA will get Wollongong City Council’s approval.
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The four-tower development on Flinders Street includes 221 apartments and around 10 commercial spaces. It takes its name from the giant courtyard, stretching two to three house blocks, and rooftop gardens.
Colliers International Wollongong managing director Simon Kersten said around 700 people were expected to be living and working in the complex, so it warranted a need for its own greenery, a “sanctuary in the city”.
“There is almost the same amount of people living in Parq as there is Haywards Bay,” he said.
“It should have a park for you to play in, it should have an environment, it should feel like a neighbourhood.”
Apartments will range from one-bedroom units with a starting price of around $400,000, up to grand multi-level penthouses with a private terrace. Construction could be completed as early as 2019/20.
“It’s luxurious but we haven’t priced it that way,” Mr Kersten said.
He said will also be the first time a development has a “real life” display suite open for viewing in Wollongong, with construction modeled on a two bedroom apartment set to be complete and ready for inspections at 96 Smith Street by late July.
High density living is currently driving construction in the Illawarra. In the past 12 months the number of new apartments being approved has surpassed approvals for stand alone houses.*
Mr Kersten said people were being drawn to CBD living due to structural improvements around the city and a changing demographic who no longer are putting a house and land package in the suburbs “on their bucket list”.
“All of a sudden you have people living in the city and it’s vibrant, there’s cafes opening up and bars, and all of a sudden it becomes a place that you want to live,” he said.
Previous plans for the $90 million development had been knocked back by council, but Mr Kersten said it was because of “grand visions” by one of the proprietors.
At the time the land was acquired there were a number of partners whereas now Malaysia’s largest property developers, BRDB, hold sole ownership.
The past year the company and its architects have been in consultation with council to ensure everything is compliant.
“From what we can tell everybody’s happy with it,” Mr Kersten said. “It’s a massive site and has been a wasteland for a long time. Anything on it would be a massive improvement for the city.”
It comes as a public release of apartments at the popular Beaches Estate in nearby Fairy Meadow are made available this weekend.
Twenty-five units in the final tower were sold off-the-plan at a VIP event last weekend.
While a luxury 21-storey building on Regent Street in Wollongong with one, two and three-bedroom apartments will open for expressions of interest on Saturday.
*Source: HIA State Outlook NSW Autumn 2016