As the second most populated area in NSW, Newcastle’s commercial property market continues to grow. The quarter pre-September 2019 saw $89.6 million of non-residential property change hands with $201 million for the year to date. Several opportunities in the city have recently been placed on the market.
At 745 Hunter Street is a recently completed five-storey building comprising of a 161-place child care centre, ground floor cafe, four outdoor play areas, commercial office space on level 4 and two levels of basement parking for 51 vehicles. The building sits on a 1,012 sqm site and is occupied by Go Kindy Early Education Centre Newcastle on a very long lease expiring in 2038 with two options of five years.
The property is for sale through Colliers International Newcastle. It last traded at $981,881 in September 2016.
Also available are development sites at 4 Tighe Street and 924 Hunter Street. With a large combined site area of 5,130 sqm and an allowable maximum height limit of 90m, a mixed-use development is likely to be developed on site. The properties are located in a developing area with new apartment projects, hotels and commercial towers. They are also close to the Newcastle Interchange and are a short walk or light rail ride to the University of Newcastle’s city campus.
These properties are available through Knight Frank Newcastle and last traded together quite recently in December 2018 at $10.5 million.