Urban Property Group acquires Central Coast Quarter from St Hilliers
Urban Property Group has picked Central Coast Quarter, the mixed-use development in Gosford, from collapsed developer St Hilliers Group.
The development comprises 334 apartments, 2,800 sqm of retail space, and a public domain, including a food and beverage precinct.
The Central Coast Quarter project transition to Urban Property Group reflects the NSW Industry reforms of the past five years, aimed at fostering trust and quality in the building sector.
David Chandler OAM, NSW Building Commissioner, highlighted this, stating, “Trustworthy players delivering trustworthy buildings – which we backed by the assurance of iCIRT ratings and LDI – 10-year warranty insurance.”
Urban Property Group views this acquisition as a strategic investment in the Central Coast. The company is committed to resuming construction immediately, starting with stage one, dubbed The Waterfront.
This phase will involve the development of a 25-storey mixed-use building. Sales for the project will recommence this month, and existing sales agreements will be honoured.
To protect buyers, Urban Property Group will implement 10-year Latent Defects Insurance, offering protection against unforeseen construction defects for a decade from the purchase date.
Read more: What is Latent Defects Insurance and is it bringing confidence to the off the plan apartment market?
The move aims to provide additional security and confidence to buyers, who have already been given the option to rescind their contracts if desired.
Patrick Elias, CEO of Urban Property Group, highlighted the crucial role of well-capitalised and well-managed property groups in maintaining stability and revitalising projects during uncertain times to ensure continuity for buyers, the construction industry, and communities.
Urban Property Group, a family business with over three decades of experience, plans to leverage its comprehensive capabilities in funding, designing, developing, and building to ensure the successful completion of the Central Coast Quarter project.
