The Stockton Centre land could be worth more than $100 million if a strategy to see the 84-hectare site redeveloped eventuates, says a leading real estate agent.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The valuation estimate comes after Newcastle council tabled a draft Fern Bay and North Stockon strategy, which envisions the site as a town centre for an area home to possibly 12,500 people.
The land is earmarked in the strategy as a preferred site for a shopping complex and medium-density housing.
While the strategy is yet to be adopted, it paints a picture of how an area from Corroba Oval to Fern Bay could develop over 20 years.
READ MORE: Stockton Centre in between two subdivisions
Downling Property director Lucas Gresham said the strategy was a sign the Stockton Centre site would likely be redeveloped.
"It's been coming for many years and finally the door has been slightly opened for future development on the hospital site," he said.
"Stockton residents have been a major part of the centre as many locals have worked there or still do, I guess it only makes sense that infrastructure will be supplied to an ever-growing region if the old rifle range will become defence housing and the old barracks also.
"We will sure enough be left exposed to a very under-supplied town centre that will not be able to cope with supply and demand."
Mr Gresham said the site could be worth $100 million as it is, partly because sewer and roads already exist.
He said if the site was to be sold by the state government, an outcome he believed "not many people wanted" given the support to see it retained, there would be no shortage of potential uses proposed.
"We will see many ideas; casinos, resorts, over 55s," he said. "I don't believe the government will be looking to retain the site for their use."
If the site is to be developed, Mr Gresham believes it should be zoned similar to Stockton with a commercial precinct town centre surrounded by medium density.
"This will allow the growth and infrastructure desperately needed," he said.
Fern Bay/Fullerton Cove Progress Association chair Sally Johnston said the community had long been advocating for a strategic plan.
She said residents had expressed overwhelming support for a supermarket during the strategy's community consultation period.
There was also strong support for an upgrade to sporting facilities and for more shared pathways, particularly a missing link from Stockton to Fern Bay, she said.
"There's an awful lot of people keenly waiting for the strategy to be released," she said. "The problem we have is there's no visibility currently of what's planned for the Stockton Centre.
"That is a very large site. It has some potential for the community in relation to a shopping centre, which is one of the things people are desperate for. But there are a lot of constraints about where it can go because of flood-prone area and ecologically sensitive bush land."
Port Stephens and Newcastle councilors are set to discuss the strategy at a workshop in coming weeks.
