Newcastle's landmark live music pub, the Cambridge Hotel, is poised to sell to an undisclosed buyer.
The Newcastle Herald has been told the sale process has entered a due-diligence phase and could be completed in a month.
Industry sources said the new owners planned to redevelop the Hunter Street site as build-for-rent apartments or student accommodation.
Selling agents Commercial Collective could not confirm the identity of the new owners or whether they planned to retain the pub as a music venue on the ground floor of a redevelopment.
The site across the road from DOMA Group's large Store redevelopment project and Newcastle's transport interchange has a 60-metre height limit, meaning it can accommodate a 20-storey building.
It went on sale in 2017 with a concept design including 153 apartments.
Cambridge co-owner John Palmieri declined to comment about the pending sale of the hotel.
In the news
- Victoria's COVID lockdown extended for Melbourne, regional restrictions to ease
- Living in rental hell: 'We just have nowhere to go'
- Backrower Tyson Frizell facing ankle surgery that will keep him out of the Origin series
- Newcastle house prices crash through $700K barrier
- NSW Labor leadership likely to go to vote
- Survivor says convicted paedophile and former prominent Surf Life Saving member Robert John Beavis's jail term is 'disappointing'
The pub has been the principal mid-size performance venue for Australian and international touring acts visiting Newcastle and is a key player in the local live music scene.
The for-sale sign sparked widespread concern in 2017 from the Newcastle music community and outrage on social media from punters.
Licensees Russell Richardson and Dru Russell have a lease on the Cambridge until June 2023.
"It is clear to us that Newcastle loves live music, or any music for that matter. We love music, too, and have no intention of shutting this party down," the hotel said at the time in a statement on social media.
Mr Richardson applied recently to expand his King Street Hotel nightclub and increase its capacity from 780 to 1300.
Some touring acts have been bypassing the Cambridge this year because COVID-19 restrictions have cut the capacity of its main performance space from 800 to 240 patrons.
