Lake Macquarie is spearheading the Lower Hunter’s development boom with more than 2000 development applications approved across the city in the past financial year.
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The record $1.16 billion approval bonanza was up 25 per cent on the previous 12 months.
Cooranbong, Warners Bay, Charlestown, Cardiff and Catherine Hill Bay were the top five suburbs in terms of the value of development applications approved in 2017-18.
Awaba, Balcolyn and Redhead, where a $28.5 million retirement village expansion was approved last month, were among the suburbs to record the strongest year-on-year growth.
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Water’s Edge, a $44 million mixed-use residential and commercial development at Warners Bay comprising 110 units, ground floor commercial space and car parking was the single most valuable development application approved.
“These figures reflect burgeoning demand to invest in Lake Macquarie from small-scale residential projects to much larger commercial development,” Lake Macquaire City Council chief executive Morven Cameron said.
“Significantly this investment is spread throughout the local government area.”
The majority of the city’s development boom is the result of private investment.
The development boom has prompted the council to create a new head of development and planning role, to be undertaken by commercial property development executive Justin Day.
“I will be looking to build on the strong and collaborative relationships council has created with the development community,” Mr Day said. “These relationships will help us deliver great outcomes across Lake Macquarie.”
A total of 2021 development applications and a further 436 amended development applications were approved in the 2017-18 financial year.
Amended development applications are applications that are resubmitted after developers significantly revise their plans.
Lake Macquarie mayor Kay Fraser said the strong growth was expected to continue for the next 12 months.
“There is so much potential in our great city just waiting to be unlocked,” Cr Fraser said.
“Expect big things to come in 2018-19, particularly in our key North-West Catalyst Area around Glendale and Boolaroo.”
The development boom is also reflected in other areas of the city’s economy such as tourism. More than 20,000 people attended the NSW Surf Life Saving Championships at Blacksmiths Beach in March resulting in a $10 million boost to the local economy.