ONE of Newcastle's most significant historic buildings has hit the market with approved plans to transform it into a grand residence.
The state heritage-listed old Newcastle East Public School at 58 Bolton Street is listed for sale on behalf of a private investor with Tim Woolf and Ben King at Colliers Newcastle in conjunction with Daniel Connolly from Comelli Commercial.
Mr Woolf said the property had price expectations of $5.5 million.
Built in the early 1900s and designed by architect Walter Liberty Vernon, the ornate brick and sandstone building was Australia's oldest continually operating school until 1982.
"This is one of the most unique and beautiful properties available in the market," Mr Woolf said.
"The size and scale of the building, which was fully restored only five years ago, combined with the six secure car spaces, provides the right purchaser with the opportunity to secure one of the best pieces of real estate in Newcastle."
The Torrens-titled property has a building area of 782 square metres with spacious rooms and high ceilings that measure more than four metres.
Mr Woolf said the versatile layout allowed for a variety of redevelopment opportunities, including mixed-use potential with ground floor approval for commercial use.
"It has approval for a grand residence upstairs and a gallery and commercial space downstairs, so there are lots of options for it," he said.
The property includes six on-site secure car spaces which are accessed in the adjoining building via the glass sky bridge and lift.
It is currently tenanted to Newcastle Grammar School for use as an art and drama department and has a holding income of $177,170 gross per annum.
The property was used as offices for Department of Justice after it ceases operations as a school.
In 2019, The Newcastle Herald reported that the property was being sold on behalf of brother-and-sister developers Daniel and Bernadette Connolly.
The siblings paid $2.9 million at auction to secure the building as part of a larger site on the corner of Bolton and Church streets.
On the land surrounding the building, which was the original school's playground, the Connollys constructed the Parque apartments.
The former school building was last sold in October 2020 for $2.65 million, according to CoreLogic.
Mr Connolly, who is no longer an owner of the building but is involved with the marketing of the sale, said the mammoth restoration of the building included the repair or more than 80 windows and brick repointing works.
The property's approved plans for a three-bedroom residence upstairs include a formal dining and lounge area designed by Kevin Snell from Snell Architects.
The plans include a terrace from the kitchen to an external area at the rear of the building on the first level.
"It's designed as a grand residence upstairs and with the idea that someone could run their practise from downstairs and live upstairs," Mr Connolly said.
"Downstairs is also approved as a gallery.
"The other option was converting downstairs into a couple of New York-style apartments, so there is opportunity for loft accommodation down here as well."
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