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Former Hunter Water base in multi-million dollar sale


A large piece of land in the heart of Newcastle’s CBD has been listed for sale. 

Formerly the home of Hunter Water, City Exchange now offers the potential for multi-sector development, having already become the first Australian site named in a Community Title scheme. 

Located in Newcastle’s West End, the address comprises 426 King Street and 591-615 Hunter Street. 

Refurbished and sub-divided by McCloy Group in 2010, it is now owned by Eagle Property Group. 

The site spans 6,483 square metres.  

The sale of the site has been appointed to JLL’s James Aroney, Mitch Noonan, and Kate Low together with Commercial Collective’s Matt Kearney and Adam Leacy via an international Expressions of Interest campaign. 

The City Exchange Site has the capacity to accommodate possibilities that include office spaces, build-to-rent (BTR) properties, medical facilities, hotels, residential units, and associated retail establishments. 

“This offering marks only the third time in the past decade that a CBD site of this scale with redevelopment potential has become available on the market,” Mr Noonan said. 

The site consists of five individual buildings spanning 7,000sqm. 

It underwent significant refurbishment in 2010 and now provides a stable revenue stream from a diverse tenant mix. 

Featuring dual frontages on Hunter and King streets, the site provides convenient access to retail, public amenities, and transportation infrastructure.  

“Newcastle’s growth trajectory, driven by a growing white-collar workforce and investment in education and medical facilities, makes this offering even more compelling. The ‘City Exchange’ site is poised to become a vibrant precinct and contribute to the city’s continued development,” Mr Kearney said. 


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