A 50% increase in construction costs over two years has forced Third.i to ask the City of Newcastle to approve expanded plans to maintain project viability.
The Merewether Residences is a joint venture between ThirdAge, a partnership between Michael Eggington, the former Lendlease Retirement CEO, and residential developer Third.i’s Ron Dadd, Luke Berry and Robert Huxley, and Merewether Golf Club, 162km north-northeast of Sydney’s CBD.
It was to be home to 148 luxury one-, two-, and three-bedroom apartments in four, six-storey complexes, and 16 penthouses with rooftop spa terraces overlooking the golf course.
“In response to rising construction costs, Third.i has meticulously explored different pathways to ensure the feasibility of the Merewether Residences and has secured an approach moving forward to deliver the project.”
“The company remains committed to delivering The Merewether Residences and has worked closely with the City of Newcastle on variations to ensure the project remains commercially viable.,” said a Third.i spokesperson.
“Amended plans have been submitted to council, proposing an additional 36 apartments for the project.”
“These additions have been carefully integrated to preserve the project’s original height and scale. A reduction in size of the members’ bar and amenity has also been proposed. Subject to council approval, works will commence in 2025 with the project estimated to complete in early 2027.”
The revisions have the full support of Merewether Golf Club board.
"As we continue to move forward with the project, we are committed to delivering on our promises and exceeding expectations, even in the face of adversity,” said Third.i Co-Founder Luke Berry.
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