Wollongong's city centre continues to boom.
Wollongong’s city centre, which as seen a massive $1.3B investment over the last 4 years, with a further $300M in the pipeline, continues to boom with an expected 150% increase in the city centre residential population in the coming years.
Since 2014, the Wollongong city centre has seen 2,113 total dwellings approved in the B3 (commercial core) and B4 (Mixed use) zones. Of these, around 342 have been completed, with more than 1,000 expected to be completed in the next 24 months.
Some of the larger developments due for completion over the next 24 months have sold out or are close to being sold out in the residential space, whilst tenders are open for businesses interested in utilising the new commercial space that will become available.
Combined with the inclusion of the mixed use commercial space, these changes are helping to create a vibrant city centre that is not only the employment hub of the region, but is also an increasingly cosmopolitan home for its residents. With the city centre seeing over 65 new small bars/cafes opening up over the last 3 years, the development of the city centre as a lifestyle destination is set to continue.
Mark Grimson, Economic Development Manager at Wollongong Council, is pleased to see the significant changes in the city centre and the influx of investment and interest from investors and residents alike. “Recent major upgrades have led to an increase of investor confidence in the CBD. The $200 million upgrade to Wollongong Central by GPT, the new $120 million Wollongong Private Hospital, operated by Ramsey Health Care; and the $134 million expansion of the Wollongong Public Hospital, have created a flow-on interest from investors that has helped take the Wollongong city centre into the future” he said. “We are seeing additional interest in commercial opportunities over the increased vibrancy, with demand for residential remaining strong on the back of lifestyle factors and greater affordability when compared to Sydney”.