The Newcastle City Council has approved a boutique townhouse project in Shortland set to dramatically boost student accommodation stocks for the suburb.
Located just 500 meters from the University of Newcastle's Callaghan Campus at Shortland Terraces, four of the eight homes have already sold been sold by real estate leaders PRDnationwide Newcastle and Lake Macquarie from development plans
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PRDnationwide Newcastle and Lake Macquarie Managing Director, Mark Kentwell said the project would target investors looking to capitalise on the project’s proximity to the campus, commenting that the demand for affordable rental properties close to the University’s campus was a major driving force for the development.
“A key selling point is the location – we expect strong investor interest given the high demand for student and staff accommodation in the area," Mr Kentwell said.
“It is anticipated these three-bedroom townhouses could achieve rental prices of up to $560 per week if leased to students. That’s a very attractive rental yield with prices starting from $400,000."
The boutique townhouses have been designed by renowned designer, Jon Webber of Webber Architects, recognised for a number of residential projects throughout Newcastle.
“By offering townhouses with an architectural look and feel, we are catering to the student and professional market alike,” Mr Kentwell said.
The townhouses will offer three-bedroom, two-bathroom accommodation with generous sized courtyards and surrounding greenery to justify offer the benefits of boutique accommodation to both students and investors.
Newcastle New Project’s CBD display suite is located at 113-145 Hunter Street.