Multimillion-dollar Randwick residential development project begins

March 16, 2018 by  

The construction of housing development masterplan by Cbus called Newmarket Randwick has officially begun following a sod-turning opening ceremony.

The project involves building a multimillion-dollar residential development on the site of the historical Inglis Newmarket racing stables in Randwick.

The initial stage of the development – Newmarket Residences and Fig Tree Pocket – is to be constructed by Ganellen and is expected to be completed in 2020. The company has deep roots in Randwick, as both the managing director and CEO used to serve as captains for Randwick North High School and Randwick Boys High School. Ganellen’s commercial director Chris Ahern also expressed his appreciation for the opportunity to be involved in such a big project in the area, especially since the company already has strong connections with the local community.

In total 612 apartments and 30 terraces will be built in three separate stages. Included in the development plans are cafes, gardens, shops, parks and open spaces. In order to maintain some unique heritage features, the Newmarket Stable and old fig trees will be retained.

According to Ahern, the construction work will involve around 400 builders. It is also the third biggest project in the company’s portfolio.

Savvy investors or homebuyers who are interested in the new residential developments can register their interests with real estate agents in town. Business cards are a useful means for obtaining contact details of good agents who will be able to provide timely alerts and professional advice regarding the purchase of property.