The Port Stephens-based developer’s proposal is to construct a ten-storey, 50-unit apartment building at the corner of Stockton and Tomaree streets.

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The project has been named “Kurrara Hill”.

In a statement released to the media, the director of Coho Property, Roderick Salmon, stated that the “heart of this project is a commitment to supporting our local community.

“By partnering with local trades and businesses, we’re not only ensuring the highest standards of craftsmanship but also contributing to the growth and sustainability of the region’s economy, fostering a sense of pride in every aspect of the development.”

The plans for the building include a mix of apartment sizes, ranging from one to four bedrooms.

One of the key selling points for potential residents will be the proposed communal garden, kitchen and swimming pool.

Two commercial spaces are also incorporated into the ground floor of the project.

Coho are promoting the DA as a positive investment for Nelson Bay, and as an important part of meeting requirements imposed on the Port Stephens LGA by the NSW State Government.

In response to questions about whether a new apartment development may attract investors rather than owner-occupiers, a representative of Coho Property said, “Based on our current project data, only two units have been purchased by investors, which is a strong indicator that the local apartment market does not provide the high returns typically sought by investors.

“This trend suggests that the majority of units are being purchased by owner-occupiers or those seeking long-term residency rather than being converted into holiday rentals.

“As such, the potential for large-scale co-option by investors appears minimal, supporting the Council’s goal of fostering sustainable and community-oriented housing solutions.”

Another concern addressed was a potential lack of interest in units by buyers hoping for freestanding houses.

“For prospective buyers, the project represents an affordable, high-quality housing option that balances modern living with the comforts of homeownership, all while contributing to the revitalisation of Nelson Bay’s vibrant town centre.”

The lot itself is currently being used as an unsealed car park.

By Lindsay HALL