AN HISTORIC property on a 2,331 square metre block that was once owned by the Merewether family could fetch in the vicinity of $10 million at auction this weekend.
The property at 76 Curry Street comprises three lots that will be sold in one line or individually, with each offering an elevated position and uninterrupted ocean views.
It is the first time it has been offered to market since 1950.
"It is being offered in one line, but it is more likely to be sold in three separate lines," First National Newcastle listing agent Joe Olsen said.
The largest lot on 1,250 square metres includes a historic residence that dates back to the early 1920s.
The home was built by Edward Merewether, a descendant of E.C Merewether - the namesake of the beachside suburb - who was the superintendent of the Australian Agricultural Company from 1861.
The home, known as Amaroo, is a double brick residence with multiple living areas, four bedrooms and four bathrooms, with ocean views.
"At the bottom of the main property is a flat piece of land that the Merewether family used to use as a bowling green and a croquet court," the agent said.
Mr Olsen said the house is not heritage-listed.
Lot 1 is 523 square metres of vacant land with a 22.89-metre frontage, while the second is 558 square metres on a corner block fronting Curry Street and Rowan Crescent with a 22.91-metre frontage.
"There are three lots and the two smaller lots are around 550 square metres each, so they will probably get around that $2.4 million to $2.6 million mark.
"The bigger lot [lot 3] is around 1,200 square metres and that will probably get around $4.8 million to $5.2 million.
"In total, that's around $9.6 million to $10.2 million for the whole site."
The record sale on Curry Street is $5 million paid for a modern home on a 696 square metre block in 2021.
Mr Olsen said the listing has attracted strong interest from buyers both out-of-area and locally.
"The majority of really interested people are local buyers who want to build a house and live there," he said.
"Rowan Crescent is one of the best spots in Merewether. It's four blocks from the beach and it has views, plus it's a site that is almost ready to be built on straight away so it suits a lot of people."
The auction will be held on-site on Sunday at 11am.
Mr Olsen said the whole site will be offered at auction first.
"That gives a buyer the opportunity to buy it in one line but if it doesn't reach reserve or doesn't sell, we will sell it all separately," he said.
The median house price in Merewether is $1.7 million, according to CoreLogic.
