Construction will recommence on the Central Coast Quarter (CCQ) development in Mann St, Gosford, in coming months following its recent acquisition by award-winning Sydney-based property company, Urban Property Group.
The $350M development, comprising 334 apartments and 2,800sqm of retail, was originally to have been completed by the St Hilliers Group, with work stalling when the company’s building arm entered voluntary administration earlier this year.
A spokesperson for Urban Property Group said St Hilliers had done a great job to date, with works already completed of a high quality.
Urban says it will honour the existing presales contracts with buyers already having been given the choice to rescind, giving them ultimate flexibility while providing certainty on an end date.
One of the key measures to be implemented by Urban to safeguard buyer interests is the application of 10-year Latent Defects Insurance (LDI), offering additional protection against unforeseen construction defects for 10 years from the date of purchase.
Urban will seek to retrospectively apply this significant consumer protection to buyers of CCQ and will also employ stringent quality assurance measures to ensure timely completion of the construction phases.
Construction on the premium project, which offers unobstructed views of Brisbane Water, is set to recommence in the coming months with a phased completion strategy spanning three stages.
Stage 1, known as The Waterfront, is already underway comprising a 25-storey mixed-use building including retail spaces, public domain, high-quality apartments, parking facilities, and food and beverage precinct.
Urban Property Group CEO Patrick Elias said in times of industry uncertainty, well-capitalised and well-managed property groups had an opportunity to step in, stabilise and revitalise projects – ensuring continuity for buyers, the construction industry and communities.
“At Urban Property Group, we see the acquisition of Central Coast Quarter as not only a strategic investment, but also the chance to showcase the strength of our team and our commitment to excellence in property development,” he said.
“Our approach to Central Coast Quarter is rooted in our proven track record of success, meticulous planning and dedication to delivering exceptional results.
“We understand the personal significance behind the purchase of a home, and hold ourselves to the highest standards in producing residences that our team would be proud to live in.
“We recognise the significance of this project to the community, the existing buyers and future buyers.
“Our acquisition ensures existing sales agreements will be honoured, and buyers will receive the quality they expect.”
As a family business with more than three decades of experience, Urban has grown into a multidisciplinary organisation with the capacity to fund, design, develop, and build its own projects.
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