A rare land holding in the heart of Newcastle’s CBD has hit the headlines.
The four buildings on King Street are for sale, set to fetch up to $30 million.
Totalling approximately 4,519m2, the sites at 135, 139, 141 and 149 King Street can be sold in one line or individually.
The Colliers team of Peter Macadam and Michael Chapman, who have the exclusive listing of the addresses, say this is a chance for investors to join a tightly held emerging market.
“Amalgamated land holdings with scale are difficult to procure in the Newcastle CBD due to fragmented ownership, so this is a rare opportunity,” Mr Macadam said.
“The commercial office market has seen significant new additions to the A-Grade supply, however there are limited strata projects catering to the SME’s (Small and medium-sized enterprises).
“The strata stock in the CBD East Precinct is typically quite dated with the only project being offered to the market situated in Newcastle West.
“The real estate market in Newcastle is starved of quality mixed-use development and value add opportunities and thus we are excited to market this generational land holding and to explore the various concepts buyers have for the site, adding to Newcastle’s already gentrifying city,” Mr Chapman added.
The four contiguous holdings combine to provide a generational site of approximately 4,519m2.
They are located in the city’s increasingly popular East End precinct.
The extensive improvements on offer across the four buildings, which have an overall area of 7,115sqm, offer multiple adaptive reuse opportunities.
Colliers has advised additional height and GFA (Gross Floor Area) can be explored.
The site’s location is well connected to cafes, restaurants, the Harbour and the city’s beautiful beaches.
It is also home to recent development projects such as Iris Capital’s $1 billion East End Village.
The Newcastle CBD East precinct has welcomed 10 residential projects completed since 2016.
135, 139, 141 & 149 King Street, Newcastle is for sale via an expressions of interest.
The campaign closes on Thursday 6 July.
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