Aland Adds Gosford Apartments, Cuts Hotel Rooms

Sydney-based developer-builder Aland has won approval for changes to it its twin-tower Gosford mega project, cutting hotel rooms and adding apartments to the waterfront development.

The Central Coast Council this month approved changes to the plans which will see 37 less hotel rooms but apartments increase by 34 to a total of 323 across the two, 28-storey towers.

It is the third change to the $250-million development, which dates back to May 2015 when the Joint Regional Planning Panel allowed a mix of retail, commercial and entertainment in two towers above a podium.

In June this year, Aland acquired the 5656-sq-m parcel on the corner of Donnison and Mann streets, paying a reported $35.2 million for the seven lots and approved development plans.

Aland told The Urban Developer it had amended the plans—for what will be known as Archibald by Aland—to better suit the current market and local community.

Head of development Ryan Lane said the deciding factor had been the hotel element, and not the apartments.

“We went out and did a lot of work with some hotel specialists, looking both regionally and outside of the region, at the number of rooms and sizing, based upon the catchment area,” Lane said.

“The feedback was we should be targeting something between 120 and 140 rooms, while also considering room size and the amenity that goes with it, so we can attract the best hotel operators to the region.”

He said there had been “significant interest from very prominent hotel operators,” and they expected to sign a letter of intent by Christmas.

▲ A sales campaign began this week. Penthouses of up to 280 sq m will sell for around $3 million.

With fewer hotel rooms, Aland now plans 323 residential apartments—190 in the west tower and 124 in the east. They will be a mix of one, two, three and four-bedrooms. A whole floor will be given over to a 960-sq-m sky bar.

Car-parking has been reduced from 910 spaces to 714.

Aland chief executive George Tadrosse said he believed they had “created an exceptional contemporary design that will appeal to holidaymakers, local buyers, purchasers moving to Gosford, and investors looking to capitalise on the growth potential of the thriving community”.

A sales campaign began this week for the project which is scheduled to break ground early next year. Prices start from $475,000 for a one-bedroom apartment of about 58 square metres.  Penthouses—up to 280 sq m—will sell for around $3 million.

McGrath Central Coast Group said there had been more than 70 apartment sales in the opening week of the campaign.  About 30 of those were purchasers of apartments in the original project, who were offered the first right-to-buy.

▲ While the building design will remain largely unchanged, the revised plans call for 37 fewer hotel rooms but 34 more apartments.

“The Central Coast has been impacted along with almost every other market in the country, but the growing trend towards sea and tree changes—coupled with work from home demands—has positioned this market for a softer landing and a more rapid bounce when interest rates stabilise,” McGrath chief executive John McGrath said.

Gosford has continued to attract people from Sydney seeking cheaper housing and that’s bolstered planned development, both in the city of about 178,000, as well as Newcastle, about 90km north.

The NSW government earlier this year pledged to match federal funding, bringing to about $1 billion the amount promised for the Gosford-to-Sydney fast-rail link. Under the plan, rail travel between the two cities will be cut to 25 minutes.

Construction on the Archibald, named after Archibald Acheson, the second Earl of Gosford, will be undertaken by Aland’s in-house construction arm and is expected to be completed by the end of 2024.