Gateway Newcastle CBD development site expected to value above $25 million

A rare development site in the Newcastle CBD is set to provide astute investors with a unique prospect after coming to market.

The large CBD site at 90-94 Hannell Street in Wickham provides a multitude of options for potential buyers, with the near entire block of 8,895sqm lending itself to not only traditional redevelopment, but also a repurposing of the extensive improvements to capitalise on the large format retail/warehousing use.

Newcastle as a region continues to attract significant interest both nationally and internationally, drawn in by major infrastructure projects and a robust economy that has allowed the market to continue to flourish.

The property is listed through the Colliers team of Tim Woolf in conjunction with Adam Leacy of Commercial Collective on behalf of Hannell Street Developments, with price expectations above $25 million.

The site provides a truly uniqe proposition in a growing and maturing market, with the asset offering a number of development and re-purposing outcomes, given it suits medical, retail, residential and commercial outcomes,” Mr Woolf said.

The opportunity may not present itself again to aquire almost a whole city block opposite Newcastle habour and within a few undered metres to the Newcastle interchange,” Mr Leacy added.

A gateway landholding zoned MU1 Mixed Use, the site benefits from a current passing income of $396,000 per annum plus GST, stemming from the car dealership and associated workshop. The site has a building area of 5,610sqm and a potential GFA of 13,422sqm (STCA). 

Wickham has undergone a major transformation and has been earmarked to become an emerging part of the Newcastle CBD. It is situated close to the Newcastle Harbour and Honeysuckle Precinct, as well as the Newcastle Interchange.

The Hunter region has positioned itself as a world-class regional hub, with Newcastle Port one of Australia’s largest, while the lifestyle benefits are a major drawcard with some of Australia’s best beaches, a vibrant arts culture and top restaurants and bars.

90-94 Hannell Street in Wickham is for sale via an Expressions of Interest campaign closing on August 31 at 4pm.