Property insiders say a slab of Newcastle’s waterfront – possibly the biggest redevelopment site in the CBD’s history – is poised to hit the market at Honeysuckle.
The Newcastle Herald has been told by multiple sources that Hunter Development Corporation is about to sell its last stretch of undeveloped land on the harbour.
The site sits between Wickham marina and planned Doma Group unit blocks at 35 Honeysuckle Drive and comprises one lot of 20,000 square metres and another of 6000 square metres.
The land is even larger than the 16,600-square-metre site that Iris Group bought from GPT Group and UrbanGrowth NSW for $39 million in 2016 for its East End mall redevelopment.
It is understood the two Honeysuckle blocks will sit on either side of land reserved for a waterfront park.
Artwork for Doma’s hotel and unit development at 42 Honeysuckle Drive shows Cottage Creek opening into the harbour in a landscaped park near where the Hansen Yuncken shed stands.
HDC also released a map last year which indicated two redevelopment sites could sit either side of a Cottage Creek park.
The western section of the development site encompasses an existing 270-space, open-air car park.
One property insider estimated the development site could accommodate a $500 million project.
HDC declined to comment as its land sales “follow government standard processes”.
Doma’s Lume development at 21 Honeysuckle Drive sold out rapidly, and the company’s general manager of development, Gavin Edgar, said last year that the harbour continued to attract prospective buyers.
“It’s pretty unique to be able to buy on a working harbour,” he said in December after Doma also won the tender to build at 35 Honeysuckle Drive.
Politicians, residents and Throsby Basin Business Chamber have been pushing for a Wickham ferry stop, but it remains to be seen whether a wharf will be incorporated into plans for the HDC land.