Charlestown: Thriving Business Centre

Charlestown, located within the North-East Growth Area of Lake Macquarie, presents a great environment for businesses operations to thrive and excel into the future. As a key economic contributor to the region, Charlestown generates $3.2 billion in output, accounting for approximately 10% of Lake Macquarie’s total economic output a significant share within the Lake Macquarie’s thriving economy.

Key Facts

• • Charlestown is part of the Hunter-Central Coast Growth Corridor, identified by the NSW Government for targeted investment, infrastructure upgrades, and long-term urban growth.
  • Charlestown is one of three strategic regional centres within Lake Macquarie
  • Central location supports business access to Newcastle, Port of Newcastle, and the broader Hunter region.

Charlestown maintains a robust economy, supported by consistent employment growth and high job retention. In 2021, Charlestown recorded over 7,000 jobs with an employment rate of approximately 96%, slightly outperforming the broader Lake Macquarie average of approximately 95%. Historical data further demonstrates Charlestown’s upward trend in employment since 2016 highlighting long-term economic resilience and a strong local job market. Charlestown’s leading industry, healthcare and social assistance, contributed $709.1 million in output, or approximately 22% of the suburb’s total output, employing over 3,000 people. Charlestown also contributes significantly to financial and insurance services with a total of $523.7 Million in output, making up 36% of Lake Macquarie total within the sector.

Key Facts

• Employment rate of 96.1% in 2021, up from:
• • • 94.1% in 2016
    • 95.7% in 2011
• Higher than Lake Macquarie averages in each year:
  • • 2021 – 95.4%
    • 2016 – 93.1%
    • 2011 – 94.7%

• Health Care & Social Assistance generating $184,277.50 per job.
• Significant private sector presence includes medical specialists, banks, insurers, and consultancy firms.

Charlestown benefits from excellent transport connections that enhance logistical efficiency for businesses. Just 25 minutes from the M1 Motorway, 11 minutes from John Hunter Hospital, and 19 minutes from Newcastle CBD, with the Gateshead private health centre nearby, the area’s strong healthcare and social assistance sector is set to grow further. Additionally, with Charlestown’s readily available high-speed internet connection, businesses in the social and financial services sectors can operate efficiently and support remote or hybrid work models to enhance productivity.

Key Facts

• With a combined value exceeding $180 million in land, construction, and internal fit outs, the new Ramsay Hospital stands as the largest healthcare development in the region outside of a major hospital.
• Proximity to key arterial roads enhances access for suppliers, patients, and clients.

Charlestown benefits from access to a well-educated and diverse workforce, supported by a strong local education ecosystem. The University of Newcastle, ranked among the world’s top 200 universities, produces over 8,000 graduates annually, with about 15% residing in Lake Macquarie. In addition, nearly 10,000 TAFE NSW students and 241 Avondale University students are enrolled within the Lake Macquarie LGA. This consistent pipeline of skilled graduates, particularly in nursing, allied health, and other medical fields, positions Charlestown to meet growing demand in its dominant healthcare and social assistance sectors. With additional talent in areas such as business, education, and engineering, Charlestown is well-placed to support the continued growth of its white-collar industries.

Key Facts

• 26.2% of Charlestown’s population hold a tertiary qualification.
• 4559 students or 15.2% of University of Newcastle reside in Lake Macquarie

Charlestown offers a mix of commercial and industrial real estate options. Properties located in Charlestown CBD range from offices, land lots, medical and retail spaces, with large and smaller options. Leasing options are also available, backed by the new Macquarie tower adding 6,000m2 of premium office space. Notably, a $300 million seniors housing development is underway, capitalising on Lake Macquarie’s aging population trend (projected median age of 44 by 2046, 10% above NSW’s average). This bolsters demand in Charlestown’s dominant healthcare.

Key Facts

• As part of the North East Growth Area of Lake Macquarie, Charlestown can expect significant investment in infrastructure, including transport networks, utilities, and public amenities, integrated with sustainable practices that aim to preserve the natural environment.
• New developments expected to generate jobs in construction, healthcare, and property management.