The stalled GPT development for Newcastle’s beleaguered CBD has been dealt an olive branch with the New South Wales Government buying two thirds of the developer’s land in the city.
State Member for Newcastle Tim Owen made the announcement today, ahead of an official signing in Sydney this afternoon.
Mr Owen claims the deal will see four blocks along Hunter Street redeveloped into a mixture of residential, niche commercial and speciality retail sites.
The multi-million dollar agreement brokered between the State Government’s urban renewal body Landcom, and GPT will still require additional investment to get it off the ground.
No light has been shed on the future of the David Jones building or the inner city rail line, with Mr Owen saying that decision is still in the hands of cabinet.
