\nIt\u2019s a figure that\u2019s seen the City of Newcastle\u00a0set a new\u00a0three-month\u00a0record\u00a0for\u00a0investment\u00a0in the city.
\n
![\"King-Street-2-Copy-(2).jpg\"](\"https:\/\/www.newcastle.nsw.gov.au\/getattachment\/Council\/News\/Latest-News\/$160-million-King-Street-development-caps-off-reco\/King-Street-2-Copy-(2).jpg.aspx\" "\\"Wests")
\nA new\u00a0$160\u00a0million\u00a0development by the\u00a0Wests\u00a0Group\u00a0Australia\u00a0is\u00a0the latest\u00a0example\u00a0that\u00a0confidence\u00a0in the city\u00a0centre\u00a0is at an\u00a0all-time\u00a0high, with\u00a0three\u00a0other\u00a0multi-million\u00a0dollar\u00a0projects\u00a0also\u00a0submitted for approval\u00a0just\u00a0in October.
\nThe\u00a0Wests Group\u2019s\u00a0development at 309 King Street includes\u00a0two 14\u00a0storey\u00a0mixed use buildings consisting of a\u00a0144 bed seniors aged care facility,\u00a082\u00a0seniors independent living units and 166 general residential apartments, along with\u00a0ground floor\u00a0cafes, restaurants and a medical facility with underground parking\u00a0for 286 cars.
\nThe\u00a0pedestrian laneway between the development and the\u00a0existing\u00a0Wests City building\u00a0(NEX)\u00a0would include a memorial to the 1989\u00a0Newcastle earthquake victims.
\nCity of Newcastle Lord Mayor Nuatali Nelmes said\u00a0the increase\u00a0in investment was\u00a0yet more\u00a0evidence\u00a0of the\u00a0private sector\u2019s\u00a0confidence in the city.
\n\u201cNewcastle is undergoing an unprecedented construction boom\u00a0on the back of the\u00a0our\u00a0progressive, future-focussed\u00a0vision for\u00a0the City.
\n\u201cThe\u00a0latest\u00a0influx of investment\u00a0is\u00a0particularly\u00a0exciting as it involves\u00a0formerly\u00a0underutilised\u00a0sites\u00a0now\u00a0earmarked for development.
\n\u201cThese\u00a0plans\u00a0will drive\u00a0our local economy\u00a0and\u00a0contribute to the vibrancy of our community\u00a0for\u00a0decades\u00a0to come.\u201d
\nLast week a development application\u00a0from Iris\u00a0Capital\u00a0to convert the former David Jones building\u00a0on\u00a0Hunter Street to a hotel was\u00a0also\u00a0lodged.
\n\u201cIn addition to the\u00a0$18 million\u00a0restoration\u00a0of the former David\u00a0Jones building to a hotel, work will officially start Monday on the conversion of the Roundhouse into the city’s first five-star hotel in a development estimated at\u00a0$24\u00a0million,\u201d\u00a0Cr Nelmes said.
\n\u201cNewcastle\u2019s transformation\u00a0is truly underway. It\u2019s fantastic that our city centre\u00a0will soon be\u00a0home to two five-star hotels.
\n\u201cOur city has seen a 60 per cent increase in visitor numbers and expenditure in the past five years which again\u00a0positions Newcastle\u00a0as a\u00a0destination\u00a0city that continues to grow and improve.\u201d
\nCentury Venues have\u00a0also\u00a0proposed a $11.5 million restoration of Newcastle’s iconic Victoria Theatre, immediately opposite Iris Capital\u2019s proposed five-star hotel and roof top bar.
\nThe 2018\u00a0calendar\u00a0year was a record year for City of Newcastle, as the total value of building approvals topped $1.2 billion\u00a0with the 2019 year on track to rival this figure.
\n
![\"Wests-King-Street.png\"](\"https:\/\/www.newcastle.nsw.gov.au\/getattachment\/Council\/News\/Latest-News\/$160-million-King-Street-development-caps-off-reco\/Wests-King-Street.png.aspx\" "\\"A")
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