Newcastle West development ONE Apartments reveals local owner-occupiers are top buyers

As ONE Apartments construction officially got underway on Wednesday, the developers GWH revealed the make-up of buyers of the 70 per cent of apartments that have so far been sold.

The majority of ONE Apartments buyers in Newcastle West are from the Newcastle area, with 81 per cent of current buyers already residing in the region.

Owner-occupiers account for the largest proportion of buyers at 61 per cent, followed by investors who make up 22 per cent of current buyers.

First home owners make up 15 per cent of overall buyers.

"First home buyers have quietened down a little bit at the moment for obvious reasons but local downsizers and long-term residents of the area are the ones that are looking to downsize and move into apartment living in the inner city," said Grahame Chevalley, a director at GWH.

The commencement of the build at GWH's National Park Street site, which saw City of Newcastle councillor Peta Winney-Bartz join GWH directors, follows the completion of initial ground works which began last year.

The development, which occupies the former site of Muso's Corner and Newcastle Leagues Club, spans 193 apartments across two towers and includes facilities such as a heated outdoor pool, a gymnasium and two communal rooftop entertainment areas, with dedicated spaces for residents to book for private functions.

GWH's managing director Jonathan Craig said that 70 per cent of the apartments in stage one have sold since sales commenced in May last year.

A further 65 one-, two- and three-bedroom luxury apartments in stage two, the North Tower, are set to go on the market next week.

The remaining apartments in the development start from $695,000 up to $2.36 million.

Mr Chevalley said the project was on track to be completed in 2025.

He credited GWH's integrated partnership with The Hunter Construction Group with allowing the company to mitigate the ongoing instability of material and building costs.

"The industry has faced struggles but we have been able to mitigate a lot of those troubles because we are an integrated business," Mr Chevalley said.

"The integration that we have right from the planning and development through to the sales, marketing and then the construction, we do all of that in-house.

"To have control over the inputs over the quality and the timing and the pricing sits us in a really good position and enables us to have what's happening today happen."

A development application for the project was approved by the Land and Environment Court in 2020.

Hunter businessmen Paul Siderovski and Gavan Reynolds lodged those plans before selling the site to GWH.

ONE Apartments is the developer's latest high-rise residential complex in Newcastle following the completion of SKY Residences on Hunter Street, Aero Apartments in Newcastle West and Highpoint in Charlestown.