Core Asset Development Pty Ltd (CAD) will next month lodge a development application for a $100 million, four-tower complex known as ‘The Sapphire of Eden’ that is expected to re-shape and revitalise Eden as a major regional centre in NSW.
Eden and the rest of NSW’s South Coast are riding the wave of popularity as a result of greater domestic travel during the COVID-19 pandemic, as well as being boosted by $200 million worth of Federal, State and Local Government spending on major projects, including the new international cruise terminal and other infrastructure.
CAD is currently in negotiations with a number of global international hotel groups to manage a 78 room, five-star hotel and a 300-person function and wedding centre, restaurants, bars and wellness centre to be built in one of the towers.
The hotel will be known as ‘The Sapphire @ Eden’ and CAD plans to announce the operator in the near future.
The Eden Fishermen’s Recreation Club, which currently sits on the 10,000 square metre site – located on Imlay and Chandos Streets – has been acquired by CAD and construction of the towers is set to commence in September 2021, pending approvals.
Managing director of CAD, Mark Toma, said: “We are excited by this project that will give the South Coast a much needed, private sector shot in the arm, providing tourist and residential accommodation – relieving pressure on surging prices by adding more rental stock at affordable prices into the market.”
“Merimbula Airport is seeing a significant lift in flight traffic as interstate and intra-state tourists take advantage of the subsidised airfares, with the resultant economic benefits flowing through the whole of the Bega Valley shire,” he added.
The CAD project is expected to generate local 1,043 jobs during the construction stage and 80 full time and part time casual ongoing jobs, with the hotel and other commercial operations in the complex and generating more traffic to Eden.
Mayor of Bega Shire Council, Councillor Russell Fitzpatrick said that after a terrible time in the valley over the last year with the bushfires and COVID crisis, they are seeing a surge in corporate activity like the CAD project, which will be subject to a formal development application process.
“Important tourist infrastructure like the Sapphire Hotel @ Eden and the new cruise terminal will set the shire on a rapid growth path, with workers and tourists moving into or visiting the area as it has excellent access to the ski fields, Canberra and the Victorian coast,” he said.
The three other five storey towers will feature one bedroom, two, three and four-bedroom apartments, a heated pool, gym and barbecue areas in a fully secured precinct.
The apartments will have coastal and mountains views, and many are expected to be purchased by locals who are seeking to stay in the area when transitioning from their existing homes or looking for an investment with strong rental demand.
The towers have been designed by Altis Architecture and its principal Mr Andrew O’Connell, taking in the 360-degree vistas.
Eden Fishermen’s Recreation Club plans a multi-million development of its Eden Garden Country Club site with developer Lincoln Place to construct a 116 lot seniors’ lifestyle residential village estate and 16 lot house and land sub-division of a section of the club’s site.
The Eden Gardens Country Club is also currently undergoing a $4 million renovation which is also estimated to inject an additional $35 million in construction and capital works to Eden.
Club Chief Executive, Andrew Terry, said the collective efforts and timing of these major developments had taken a number of years of planning to bring to reality and would represent one of the most significant economic and social investment in the local region in decades.
Mr Terry confirmed that there had been strong market interest in purchasing the Fishermen’s’ Club site when listed for commercial sale and the club had selected CAD’s offer based on its experience and expertise in the resort and hotel sector.