Urban Property Group Enters Central Coast Market with Strategic Acquisition of CCQ

Central Coast Quarter Urban Property Group
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The Urban Property Group, an award-winning Sydney-based property development company, have announced the successful acquisition of the Central Coast Quarter (“CCQ”) mixed-use development project from St Hilliers.

The acquisition comprises 334 apartments and 2,800 square meters of retail space, marking Urban’s strategic entry into the high-growth Central Coast market. This move highlights the capabilities of a well-capitalised and strategic developer in a market often characterised by unpredictability.

The CCQ project, located at 26-30 Mann Street, Gosford, was initially planned and partially developed by St Hilliers Group Entities, an iCIRT-rated developer. The high-quality work completed by St Hilliers thus far has facilitated a smooth transition and acquisition process. With St Hilliers’ building arm entering voluntary administration, Urban, also iCIRT certified, seized the opportunity to acquire the DKO Architecture designed, high-quality, and DA-approved development.

Urban has committed to honouring the existing presales contracts, providing buyers with the option to rescind if they choose, thereby ensuring ultimate flexibility and certainty regarding the project’s completion. Urban’s approach prioritises buyer protection and quality assurance, integral elements of its strategy.

One of the key measures Urban Property Group will implement to safeguard buyer interests is the application of a 10-year Latent Defects Insurance (LDI). This insurance offers additional protection against unforeseen construction defects for a decade from the date of purchase. Urban plans to apply this significant consumer protection measure retrospectively to CCQ buyers. Additionally, stringent quality assurance measures will be employed to ensure the timely completion of the construction phases. This proactive approach underscores Urban’s reputation as a trustworthy partner in property development.

David Chandler, NSW Building Commissioner, stated:

“The smooth transition of the Central Coast Quarter project to Urban Property Group is an exhibit of everything that the NSW Industry reforms of the last five years set out to achieve. Trustworthy players delivering trustworthy buildings – which we backed by the assurance of iCIRT ratings and LDI – 10-year warranty insurance.”

Construction on the premium CCQ project, which offers unobstructed views of Brisbane Waters, is set to recommence in the coming months. The project will be executed in three stages. Stage 1, known as The Waterfront, is already underway and involves the construction of a 25-storey mixed-use building. This phase will include retail spaces, a public domain, high-quality apartments, parking facilities, and a food and beverage precinct to complement the development.

^The Urban Property Group will Complete Stage 1 at CCQ, The Watefront (Image: DKO Architecture)
^The Urban Property Group will Complete Stage 1 at CCQ, The Watefront (Image: DKO Architecture)

Patrick Elias, Chief Executive Officer of Urban Property Group, expressed his elation and dedication Urban will apply to the project:

“In times of industry uncertainty, well-capitalised and well-managed property groups have a unique opportunity to step in, stabilise and revitalise projects – ensuring continuity for buyers, the construction industry and communities.

“At Urban Property Group, we see the acquisition of Central Coast Quarter as not only a strategic investment, but also the chance to showcase the strength of our team and our commitment to excellence in property development.

“Our approach to Central Coast Quarter is rooted in our proven track record of success, meticulous planning and dedication to delivering exceptional results. We understand the personal significance behind the purchase of a home, and hold ourselves to the highest standards in producing residences that our team would be proud to live in.

“We recognise the significance of this project to the community, the existing buyers, as well as future buyers. Our acquisition ensures existing sales agreements will be honoured, and buyers will receive the quality they expect.”

As a family business with over three decades of experience, Urban has evolved into a multi-disciplinary organisation with the capacity to fund, design, develop, and build its own projects. Urban brings this unique set of experiences and values to the CCQ project, ensuring a blend of quality and reliability that stands out in the property development sector.

Urban’s acquisition of CCQ signifies not only a strategic expansion into a promising market but also a commitment to maintaining high standards of quality and buyer protection, reflecting the company’s core values and dedication to creating thriving communities.

Note: The information presented in this article is for general informational purposes only and should not be relied upon as legal, financial, or professional advice. While we make every effort to fact-check and verify the information presented, we cannot guarantee its accuracy or completeness. Readers are encouraged to independently verify any information they find on our website and to consult with relevant professionals before making any decisions based on the information presented. The Australian Development Review does not own the rights to the information included within this article, and furthermore, there is no infringement intended from the included text and images within.

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