MORISSET'S revival continues with work starting this week on an innovative three-storey development comprising 28 residential units in Stockton Street.
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Twenty-one of the units have already been purchased off the plan.
Developer and builder Scott Ellam, of Impressions Building, said 11 units were recently sold in a week.
There are 24 two-bedroom units, and four three-bedders in the development which comprises two adjoining buildings.
The average unit price is $365,000.
Among the purchasers are first-home buyers.
"The first-home buyers are taking advantage of the state government's $15,000 cash grant and zero stamp duty for off-the-plan purchases," Mr Ellam said.
The stamp duty concession amounts to a saving of about $11,000 he said.
The development includes three units which have been designed with adaptable housing features for aged or disabled residents. These features include grab rails in the bathrooms and wider doorways.
"A lot of people don't realise that these units are available," Mr Ellam said.
"And unless people know about it, we may end up with able-bodied people living in those units."
Mr Ellam said an underground tunnel would link the lift basements of both buildings - another feature aimed at improving access for disabled residents.
Two of the three adaptable housing units have been sold to investors who will be seeking long-term renters, Mr Ellam said.
The third unit remains for sale.
Lake Macquarie City Council recently rezoned sections of the town's CBD to encourage more business activity and medium-density housing.
Mr Ellam said his development was more good news for Morisset.
"We pride ourselves on using local contractors and, in particular, sole traders who have apprentices," he said.
The first units are expected to be ready at the end of the year.
Morisset a boom town
SCOTT Ellam said: ‘‘A lot of people underestimate Morisset.’’
He isn’t one of them.
‘‘I’m putting my money into Morisset. I’ve lived in Newcastle and the Central Coast and other places in Lake Macquarie but Morisset stands out because of the money that’s coming into the town from multi-nationals,’’ he said.
Couple that with its location close to the lake, the upgraded train station, and the M1 Motorway, and Morisset is where the smart money is going, he said.
Lake Macquarie City Council’s new zoning laws were on track to revitalise Morisset, and the council’s commitment to a more flexible approach to development were encouraging, he said.
