Kerry Stokes's Northbank Enterprise Hub at Newcastle gets expansionary approval

Kerry Stokes's Northbank Enterprise Hub at Newcastle gets expansionary approval
Kerry Stokes's Northbank Enterprise Hub at Newcastle gets expansionary approval

The media tycoon and occasional property developer Kerry Stokes has secured approval to develop one of Australia’s largest industrial estates, some 240 hectares near Newcastle.

Approval has been granted to Stokes's private company, Australian Capital Equity to proceed with its expansion of Northbank by the NSW Department of Planning & Environment.

It is the former Austeel site.

The Northbank Enterprise Hub site was purchased from the NSW government in 2010.

The long-term project first stage of development at Northbank started with the $160 million WesTrac NSW and ACT operational headquarters.

WesTrac, one of the biggest dealers of Caterpillar machinery in the world and part of Seven Group Holdings, is chaired by Kerry Stokes.

The Tomago property will be marketed through Colliers International targeting logistics, distribution companies, warehousing and manufacturing companies.

It is expected the lots will range from 5,000 square metres to 50 hectares.

He faces competition as the local paper reports the Hunter Corporate Park, a 300 hectare site in the buffer zone of the Tomago Aluminium Smelter on the other side of Tomago Road, is also in the early planning stages.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
New South Wales Industrial

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