It was another strong sign of confidence in a local market that is continuing to recover and grow. CoreLogic reported the median value of a house or unit jumped 1.4 per cent across Newcastle in October, in line with Sydney's rise. We haven’t seen numbers like this since the boom 18 months ago.
It was all GO-GO-GO onsite as we began constructing the 11m deep basement retaining wall. This structural load bearing wall will form two underground levels of SKY’s five level car park.
To construct the wall GWH has chosen Cutter Soil Mix (CSM) technology, the latest generation of in-ground soil mixing techniques. A method popular in our major capitals, this German originated technology injects and mixes cement, water and air with in-situ soils to produce a final hardened product, in ground. In doing it means the construction is very precise and much quicker than other methods used locally.
Whilst an expensive way to construct, CSM was specifically chosen by GWH because of its premium waterproofness, durability and significant advantages over more established methods of retaining wall construction. This innovative technology is a first in Newcastle.
We expect completion of the wall in the next few weeks. The team will then begin the excavation of approx. 30,000 tonnes or 17,000m3 of soil from the basement.
Now construction is officially underway we expect SKY Residences to be structurally complete by the end of 2020 and purchasers moving into their new homes by Spring 2021.
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