Close to $26 million will be reinvested back into Hunter Water’s infrastructure network following the record sale of its iconic building at Honeysuckle, Minister for Natural Resources, Lands and Water Kevin Humphries said earlier this week.
“The sale of the Hunter Water facility to Australian investor Patella Holdings for $25.8 million sets a new record for dollar-per-square-metre real estate in Newcastle,” he said.
“The building attracted bids from blue-chip domestic and international companies, which demonstrates overwhelming investor confidence in the city stemming from the success of the NSW Government’s Newcastle Urban Renewal strategy.”
“Hunter Water will retain the proceeds of the sale which will go into core infrastructure projects such as the multi-million dollar upgrade to Burwood Beach Wastewater Treatment Plant as Newcastle prepares for an increase of up to 20,000 people over the next two decades.
Member for Newcastle Tim Owen said the record sale price was evidence the NSW Government’s Newcastle Urban Renewal Strategy has already started to change the rest of the nation’s perception of Newcastle.
Managing Agent Ross Cooper from Knight Frank said the Honeysuckle property attracted an unprecedented amount of Australian and international interest.
“Our marketing strategy both domestically and internationally was to focus on the incredible improvements taking place in Newcastle as a result of the hundreds of millions of dollars being invested by the NSW Government,” Ross said.