Plans for a $115M mixed use development, including a 196-room hotel, opposite Gosford racecourse appear to be dead in the water for the time being.
The land parcel earmarked for the project, at 1a Racecourse Rd, is up for mortgagee sale, with a public auction having been held on February 24.
Colliers International agent Peter Macadam said the firm had been appointed by mortgagee Oak Capital to handle the sale.
Luux Pty Ltd’s Conexions complex is under consideration by the NSW Planning Department but it is unknown if a new owner would proceed with the project.
“It’s obviously a fantastic site,” Macadam said.
“There are multiple potential outcomes in this zoning and there has been good interest.”
Macadam said following the sale any new owner would have the option to continue planning for Conexions or embark on a totally different project.
Zoned B6 Enterprise Corridor, the 1.04ha block has a 255 metre frontage to Racecourse Rd.
The proposed Conexions project was to have provided 536 construction jobs during the two stages of the development and 130 operational jobs.
The development would have comprised two towers with the northern tower to include a hotel with 196 rooms, and full amenities, commercial areas and above ground parking.
The southern tower would have comprised 171 residential apartments, commercial areas, community amenities and above ground carparking.
Stage 1 of the project was to have seen the demolition of existing buildings and associated structures and the construction of two hotel buildings with commercial use on the northern portion of the site.
This would also have included a public park and construction of carparking facilities with 239 parking spaces and landscaping.
Stage 2, which would have to be applied for under a separate Development Application, would have seen the construction of two residential flat buildings with commercial use on the southern portion of the site.
This would have included construction of carparking facilities with 288 parking spaces between basement levels 1 to 4 and site landscaping.
Attempts to contact Luux Pty Ltd for comment were unsuccessful.
Terry Collins
This article was printed on 27 February 2022 but the site was not Auctioned by Colliers and was taken off the market on 18 February 2022.
This block is still under possession of Conexions and these plans are not ‘dead in the water’ as the article suggests.