Investors show ongoing confidence in the Illawarra

The Illawarra continues to see strong investment in property with a number of major residential and retail developments in the pipeline. 

Two major apartment developments are in planning phase for the CBD. Signature Wollongong will be the City’s tallest development at 21 storeys high, it will provide 125 apartments, retail and office space on Regent Street. Parq on Flinders, formerly known as the Gateway site, will provide 221 apartments and around 10 commercial spaces across four tower developments.

With a number of developments nearing completion, including Oxford on Crown Apartments which is a 14 storey complex with 135 apartments, in addition to the Crown Wollongong Apartments which will provide another 317 apartments, there will be a strong boost in the number of people living and working in Wollongong CBD.

Sales for apartments off the plan remain strong in Wollongong, demonstrating a clear demand for high density living around the CBD. In the past 12 months the number of new apartments being approved has surpassed approvals for stand alone houses.

This investor confidence and increase in the number of people living and working in the City is also being reflected in the retail offerings. Swedish fast fashion house H&M recently announcing they will open a Wollongong store at the end of 2016. While David Jones will also be expanding the size of their Wollongong store, with the roll out of one of its new ‘concept stores’ in 2017.

GPT’s new Wollongong Central General Manager Antony Keenan said, “H&M’s entry into Wollongong Central is another vote of confidence in the long-term outlook for the centre and surrounding Wollongong CBD.”