Boomers being drawn to regional areas by purpose built developments
LOS ANGELES: Boomers are being drawn to regional coastal locations via purpose built high rise apartments with an ocean view.
A highly anticipated $375m project to “transform” the heart of Gosford into a lifestyle destination has started.
Construction is underway on Archibald by ALAND, at 108 Donnison St, with more than one third of the 323 units sold off the plan since its launch in November.
The two tower project, expected to be completed by 2024, has taken a few years to get off the ground with the previous owners selling in 2022, however it wasn’t long on the market before Sydney developers ALAND stepped in.
ALAND chief executive officer George Tadrosse said the development had strong buyer interest.
“Gosford has been waiting several years for this site to be transformed,” Mr Tadrosse said.
“This is a huge opportunity to create a legacy for the city and make the most of this outstanding location. The strong level of interest to date is testament to the demand for a premium lifestyle community. Now the project is coming out of the ground we expect that interest to increase.”
The project is named after Archibald Acheson, the second Earl of Gosford, covering 5656 sqm including and will include 323 residential apartments, 130 hotel rooms, food and beverage tenants, 2061 sqm pub and a 960 sqm skybar and lounge.
The location, close to the waterfront, Central Coast Stadium, and the University of Newcastle’s multimillion-dollar hi-tech campus to be built on Mann St, had been a drawcard for buyers.
“The interest and investment in Gosford are set to enliven the CBD and ALAND has taken its role in this transformation extremely seriously,” Mr Tadrosse said.
“This is a once in a generation opportunity to build a world class and timeless building for the city of Gosford. We’ve pulled out all stops to make this a development with broad appeal to holiday-makers, local buyers, and investors.”
ALAND head of development Ryan Lane said the development would be a significant new destination at a time of growth and investment for Gosford.
“The combination of residences, an upscale hotel together with a significant food and beverage offering as well as gym and pool amenities raises the bar on luxury living for Gosford,” he said.
“This aligns with ALAND’s key principles for location, design and lifestyle. We look for emerging locations with untapped growth potential where our expertise and experience can have a long-lasting impact on delivering a project the local market can take real delight in.”
Highland Project sales director Georgia Scanlon said despite ongoing rate rises and a change in Australia’s property market conditions, buyers were active in high growth sea change areas such as the Central Coast.
“The Central Coast offers the perfect combination of a coastal lifestyle, regional growth and affordable price points with demand stemming from Sydney-based downsizers, professional couples and families,” Ms Scanlon said.
“Gosford has had a shortage of high-quality new projects in recent years. A luxury development such as Archibald has appealed to Sydneysiders as well as investors seeking an easily accessible getaway option just under an hour’s drive from the city.”
Archibald will include two buildings with one, two, three and four-bedroom units plus luxurious penthouses.
Apartments range in size from 58 sqm to 280 sqm with prices for a one-bedroom starting from $450,000.