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Centuria delivers 190 affordable homes across NSW’s Central Coast

Four developments valued over $72M

Centuria Capital Group’s (ASX:CNI) development division has completed 190 affordable homes across four Central Coast NSW projects, collectively worth $72 million with all projects achieving practical completion and settlement in June 2021.

The developments, located within the Newcastle and Gosford communities, were simultaneously developed throughout an 18-month construction period.

The schemes deliver vital housing for the NSW Central Coast & Newcastle communities, accommodating over 300 frontline and key workers and their families. Homes include a mixture of one, two and three-bedroom apartments to cater for various household sizes.

Centuria was responsible for sourcing the development sites, providing development funding and implementing its development expertise to deliver the following projects.

Development Area Value No. Apartments Commercial Units Car Parks
318 Maitland Road, Mayfield Newcastle $15.6m 36 2 42
45 Pendlebury Road, Cardiff Newcastle $16.8m 60 1 27
23-25 Young Street West Gosford $22.5m 56 1 29
357-359 Mann Street North Gosford $17.3m 38 1 28
$72.2m 190 5 126

Watch the project completion video with Andre Bali

Andre Bali, Centuria Head of Development, commented, “In 2018/9, Centuria recognised the significant and growing shortfall in social and affordable housing stock and the need to partner with Community Housing Providers to bring purpose-built dwellings to the market.

“For these reasons, Centuria became involved with developing four high-quality affordable housing projects that provide essential accommodation for those in the community who we rely on the most, including nurses, teachers, and first responders such as police, ambulance personnel and firemen/women, as well social housing to secure affordable rental accommodation for those on low incomes and most vulnerable in our society.

“We have delivered developments that are sustainable and desirable, including features such as solar panels, rooftop gardens and rooms that capitalise on ocean views. We are proud of the homes we’ve delivered and proud that these developments are integrated with, and contribute positively to, the fabric of the Newcastle and Gosford communities.”

The developments are part the NSW Social and Affordable Housing Fund (SAHF). Centuria has delivered the projects in partnership with Australia’s largest non-government social housing provider, Compass Housing Services.

Centuria engaged Mars Building, a local builder, for constructing the Mayfield, Cardiff and North Gosford projects, while North Constructions built the West Gosford development.

Centuria has $1.6 billion development pipeline1 including healthcare projects, industrial developments and office buildings. Key projects include the $64 million short-stay private hospital in Kew, Melbourne, which will be operated by a doctor-Medibank joint venture; a $17million oncology facility in Murdoch, Perth; an $88 million industrial estate in Dandenong, Melbourne; a $20 million industrial facility in Bundamba, Queensland; a $40 million boutique office building in Adelaide, and several developments in New Zealand.

1 As at 31 December 2020, including development projects and development capex pipeline such as fund throughs