PLANS to redevelop the Gateway Caravan Park site adjacent to the Shoalhaven River at Nowra have been welcomed.
Longtime local real estate agents, Craig Hadfield and Peter Russell have both welcomed the proposal, saying it will only increase the value of existing properties in the area.
The South Coast Register broke the story on Thursday of the Mosman Property Group, headed up by director Jesse Xu and his Nowra-born business partner Nicholas Warden, had acquired the caravan park adjacent to the Nowra Bridge, with plans to establish a tourism and business/conference accommodation venue.
The proposal will feature a hotel sitting above waterfront cafés and family restaurants, with all rooms orientated toward theShoalhaven River and Cambewarra Mountain range and include a landscaped terrace in front of the restaurants featuring outdoor dining atop the riverbank and tie in with hotel conference facilities.
Director of Ray White South Coast Craig Hadfield said he the proposal would continue to enhance the attraction to our area.
"There has clearly been an improvement in people's willingness to come to the Shoalhaven since COVID," he said.
"And with the various infrastructure being built locally that will continue.
"I think this proposal is another great step and continues to show everyone else we're changing, evolving to become an amazing city.
"This proposal looks great - it's something the town has been needing and wanting for a longtime."
I think this proposal is another great step and continues to show everyone else we're changing, evolving to become an amazing city.Craig Hadfield, Ray White South Coast
Mr Russell, the director of Integrity Real Estate agreed, saying a proposal like this had been a "long time coming".
"This is brilliant - we are finally seeing the underutilised foreshore of the Shoalhaven River being developed in the way it should have been 20 years ago," Mr Russell said.
"In my opinion the town is in horrible need of more tourist facilities for Nowra itself and this will hopefully be the catalyst for seeing a lot more tasteful foreshore development occur.
"This will add a lot of jobs to the economy.
"It will also add a lot of interest in people moving here and, of course, supply more accommodation which is so badly needed - especially in the over 55s or aging demographic that don't want suburbia but the facilities of living in town."
Both agree the proposal would only enhance and increase the value of properties in the Shoalhaven River precinct.
This is brilliant - we are finally seeing the underutilised foreshore of the Shoalhaven River being developed in the way it should have been 20 years ago.Peter Russell, Integrity Real Estate
Late last year an expansive, four-bedroom plus study home in Riverview Road was listed for almost $2 million.
"For properties around Riverview Road, this will only help put the spotlight on a great area and foreshore and will only enhance existing property in that area and increase value as a whole," Mr Russell said.
"It's great to see one of the partners (Nicholas Warden) is extremely local and has strong connections in the area.
"It's great to see a local person with an interest in the area taking on this development."
"Locally prices are improving, there is a strengthening and this will also encourage people to keep investing and see the opportunities that are available - even in places like Bridge Road," Mr Hadfield said.
"I think prices will keep on growing and improving - prices are on the rise already and will continue to give confidence in continued growth.
"I think people underestimate the wealth that is sitting around Nowra that can't be spent - there are people with plenty of money with nowhere to spend it.
"The idea of residential living would be attractive. And the need for quality hotels is something the area desperately needs.
"This could also lead to a further increase of infrastructure for things like boating on the river."
Mr Hadfield said his only concern with the proposal was parking.
"It's already a challenge to get in and out around that area," he said.
"There will be a need to provide substantial parking in and around the river precinct - it is important the people along Riverview Road etc don't end up with a massive stream of cars parked on their streets - but that is something I'm sure will be addressed and would have been planned for and thought out," he said.