Iconic Wangi Power Station primed for development with mega listing

An iconic power station near Newcastle abandoned for more than 30 years is on the market expectations of a big sale price.

Situated on a mostly undeveloped 22.3ha parcel, Wangi Power Station is being offered to developers via an expressions of interest campaign.

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The heritage-listed power station came into service in 1958 and at one point was the largest in NSW before it was decommissioned in 1986 after it was no longer required. The Wangi Wangi site is being sold as an empty shell except for a few heavy gears and skid mounts that remain.

The Wangi Power Station is set to fetch about $30 million.

It consists of two large stations with three chimneys, which have the potential for up to 60,000sqm of floor space if developed.

The power station comes with both R3 Medium Residential zoning and Zone B4 Mixed Use, providing almost unlimited potential with what can be created. Buyers looking to explore residential, retail, commercial and even tourism uses are tipped to show the most interest in acquiring the landholding.

Collier’s Nick Estephen, who is selling the site with Peter Macadam and Thomas Mosca, said the property allowed buyers great scope to develop a national icon, not dissimilar to developments like the Battersea Power Station in London or the Casula Powerhouse Museum.

“With zoning for both mixed use and medium density residential and over 50 acres right near the water, the site is primed for redevelopment,” Mr Estephen said.

The landholding is located near Lake Macquarie.

Construction on the site began in the late 1940s and was officially opened in 1958 by the NSW Premier Joseph Cahill. Lake Macquarie City Council CEO Morven Cameron said they were excited about the prospects for the site and its future benefits for the region.

“We do see it as an iconic building and we also see it as a real opportunity to continue this journey of diversifying our economy,” she said.

Newcastle has become a major regional hub largely due to its strong ties to tourism and the resources sector, as families and retirees who have been priced out of the Sydney market flock to the city and its surrounds.

“As Sydney becomes more unaffordable for many, new locations with excellent proximity to major markets by road and air such as Lake Macquarie are increasing in popularity,” Mr Macadam said.

The Expressions of Interest campaign closes on Thursday, December 9, 2021.