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The Royal
1 – 7 KING STREET, NEWCASTLE, NSW
DESCRIPTION
The Royal, Newcastle Beach, is located on the site of the former Royal Newcastle Hospital. Landcom was commissioned to create a Concept Plan in 2003 and when the final concept plan was approved expressions of interest were called from companies wishing to partner with Landcom in developing the site. Mirvac Group was selected in 2007.
Mirvac developed the site in various stages which includes 3 buildings being the Nickson, Hannell and McCaffrey buildings. Nickson and Hannell were part of the first stage of the development and contain 94 apartments. The two buildings were designed by multi award winning Tzannes Associates.
The third building, McCaffrey, is a 16 storey building containing 73 apartments. The building includes a 4.5 star hotel, The Sebel Newcastle Beach, which occupies the first 5 floors of the building. The site also includes 4 retail outlets being a bar, cafe, day spa and restaurant.
| SUMMARY INFORMATION – 31 December 2011 | ||
|---|---|---|
| IN PROGRESS | ||
| ACQUISITION DATE | Jun 07 | |
| LOCATION | Newcastle | |
| PROJECT VALUE (INCL. GST) | $154m | |
| TOTAL LOTS | 167 | |
| PROJECT PERIOD (CALENDAR YEAR) | mid 2007 – mid 2013 | |
| OWNERSHIP STRUCTURE | 100% Mirvac Limited | |
UPDATE
Stages 1a & 1b are complete. Marketing activity will continue until the remaining stock has sold. Marketing of the retail lots will commence early 2012. Mirvac entered into a put and call in December 2011 in relation to the Hotel. The put and call has not yet been exercised.
The site incorporating Stages 1C and 2 was sold in December 2011 with settlement to occur in July 2012.