$46 million residential development for Adamstown

COMMUNAL: An artist's impression of The Foundry's gymnasium.
COMMUNAL: An artist's impression of The Foundry's gymnasium.

A $46 million “industrial-inspired” apartment development has been announced for Adamstown.

The Foundry will front Brunker Road and Date Street and will comprise 84 one, two and three-bedroom apartments.

The development will feature three exposed brick apartment blocks arranged around an internal courtyard. There will be undercover on-site parking and a gymnasium.

The Foundry is the latest development by Bloc, the Canberra-based builder and developer also behind the Water’s Edge development in Warners Bay. 

PRDnationwide Newcastle and Lake Macquarie’s project marketing division, Newcastle New Projects, has been appointed to market the development and director Mark Kentwell expects interest to be strong.

He said Adamstown was “a property hot spot” with the median price for two-bedroom units in the suburb showing growth of 10.54 per cent in the past 12 months, according to data from CoreLogic.

“Adamstown is close to the CBD and beaches as well as the Fernleigh Track,” Mr Kentwell said in a written statement.

“All the infrastructure is there with great schools, cycleways, a railway station and regular bus services.

“Adamstown is included in the State Government’s urban growth corridor and may benefit from future extensions of the light rail.”