Commercial Property: Development opportunity in three Charlestown blocks

A greenfield holding of nearly 3000 square metres in Charlestown is expected to garner plenty of interest as the suburb’s development potential continues to gain attention.

Peter Dodds and Peter Macadam of Colliers International are marketing the three blocks, 4 and 6 Dudley Road and 4 Charles Street.

“The Charles Street block gives us the advantage of access off Charles Street into the site and we’ve got three large sites that can be developed,” Mr Dodds said.

“There’s approximately 3000 square metres to the site. It’s got opportunity for three to 15 storeys subject to council approval, so it’s got high rise opportunity for a mixture of commercial, retail and residential in the upper levels.”

The 15-storey Highpoint development, which will be Lake Macquarie’s tallest building and will feature penthouse apartments at 150 metres above sea level, will occupy the corner of the Pacific Highway and Charles Street and has experienced a strong response.

“The first development there, nearby to this, sold out during its construction phase and Colliers are now selling off the plan units on the adjoining site to this, Highpoint, and that is going really well,” Mr Dodds said.

“We’re so close to everything - transport, the shopping centre - so it’s a good lifestyle on offer for people there and the view as you go up the floors is extraordinary.” 

He predicted the property’s position, size and zoning would make it “keenly sought after” by both local and Sydney developers.

“We are seeing increased interest in Charlestown,” Mr Dodds said.

“Sydney developers are coming in and seeing the opportunity of what’s happening here with the growth of the market in Newcastle.”

The site is zoned B3 Commercial Core under the Lake Macquarie City Council Local Environmental Plan 2014, with development controls including a height limit of up to approximately 53 metres for 4 to 6 Dudley Road and up to around 23 metres for 4 Charles Street.

The development site is situated within Charlestown's commercial precinct and is within close proximity to retail facilities such as Charlestown Square, hospitals, schools, beaches and nature reserves. 

​It is being sold by Expressions of Interest closing 4pm on November 16.