A landmark property in Newcastle East has attracted widespread interest in its first two weeks on the market, according to Colliers International's Chris Chapman.
He is marketing the Newcastle Beach Hotel at 21 Parnell Place with Gus Moors and Michael Chapman.
The property is being sold through expressions of interest, closing August 19, and offers the potential for multiple opportunities, including to redesign and construct a prestigious boutique apartment building or hotel, subject to council approval.
"It's a property that most Novocastrians know," Chris Chapman said.
"It's got a lease with Alloggio and has a few interesting parts to it. At the end of the lease, an operator could operate it as a hotel. It has a development clause in the lease and a DA for a number of apartments.
"You could take advantage of the apartment DA on it. You could refurbish it. It's got a lot of strings to its bow and that's why there's been enormous interest. We've fielded close to 150 enquiries since the start of the campaign two weeks ago.
"Enquiry has been Sydney, locally, interstate, it's coming from everywhere. Developers, investors, hotel operators, so it's covering all sectors of the market that we anticipated that would be there."
Market interest was expected to be north of $13 million.
The site features a five-level building incorporating 47 hotel rooms, three function rooms, a commercial kitchen, restaurant, a three-bedroom rooftop residence and secure basement parking. It has a net income of around $546,363 per annum plus GST.
Location appeal
Movable's Jason Morris is marketing a property in Belmont that was formerly the site of the St George bank at 584 Pacific Highway.
It is being offered with vacant possession and at a fixed price of $795,000 plus GST.
Mr Morris expected the property to appeal to owner-occupiers and investors. It is positioned next to Belmont Market Place and enjoys what he described as a high-exposure location.
The property benefits from having seven on-site car parks and is zoned for mixed use.
"There's development potential in the future because it's about a 480 square metre block but only has a small single-storey building of 155 square metres on it," Mr Morris said.
Mr Morris also expects interest from investors and owner-occupiers for a property he is marketing at 374 Pacific Highway, Belmont North.
The property features two buildings on the one block and is being sold through expressions of interest, closing July 22, with a guide around $950,000.
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