Wollongong is in the midst of its own construction boom, in parallel to Greater Sydney, as 2019 marks a big year for the expansion of the city’s residential and commercial property stock.
$350 million.
Importantly, the city’s stock of commercial office space is receiving a much-needed expansion with four A-Grade office buildings approved, with a combined floor space of more than 30,000 square metres, which could come online in the next 24 months. Construction is underway on two of these – 134-140 Keira Street and a new headquarters for IMB Bank at 47 Burelli Street.
This follows a record investment of $1.3 billion in the city’s centre since 2012, and is part of a healthy pipeline of $600 million-worth of investment over coming years.
Illawarra Business Chamber Executive Director Adam Zarth said that as the region’s economic hub, Wollongong’s current construction boom will result in welcome population growth and an increase in economic activity that will benefit the entire Illawarra.
“As a regional economy, the Illawarra can’t expand without available, high quality commercial office space – and a supply of residential accommodation to allow our workforce to grow,” said Mr Zarth.
“Right now we can see seven cranes over the Illawarra skyline. According to the most recent Rider Levett Bucknall Crane Index, this accounts for around two percent of Greater Sydney’s staggering 346, which account for more than half of the cranes in Australia.”
“It is important that we continue to encourage investment in our CBD and facilitate the continuation of this construction boom in Wollongong; particularly in the expansion of our supply of commercial stock.”
Office buildings currently under construction include:
- 47 Burelli Street: seven storey A-grade office block including 89 parking spaces (IMB Bank head office)
- 134-140 Keira Street: A-grade office block built over basement parking.
Mixed-use buildings currently under construction that include commercial space include:
- 10-18 Regent Street
- 373 Crown Street
- 3 Rawson Street
- 9 Railway Parade
- 22-26 Flinders Street
- 48 Bank Street.
