Growth Market: Newcastle

Just 160kms from Sydney, Newcastle has long been recognised as the coastal town known mostly for being the largest coal export in the world, housing a strong brutalist architecture vibe, it is now the home to multiple new commercial developments. This is bringing major occupiers out of long standing tenancies including:

• Commonwealth Department of Human Services is looking for 8,100sqm
• NBN (Nine Entertainment Co) has a requirement for 1,200sqm 
• Life Without Barriers is seeking 3,200sqm to house its headquarters
• Suncorp is looking for 4,000-6,000sqm
• The Newcastle City Council  has recently  completed its new building at 12 Stewart Avenue, where it will occupy 6,185sqm

New commercial developments include:

• GWH is developing the 8,200sqm Darby Plaza (to which it is rumoured two tenants are close to signing precommitment deals) 
• Cutcher & Neale’s smaller 3,000sqm redevelopment at 130 Parry Street (with just one level still available)
• The 10,790sqm tower at 727 Hunter Street, which is being marketed by Knight Frank
• Doma Group’s 6 Stewart Avenue (due for completion in the next 12 months) – where iCare (1,750sqm) and the State Government have precommited

With more deals ahead for GWH’s 8,200sqm Darby Plaza development, there is a lot of upcoming leasing activity worth paying attention to.