Wests Group is poised to sell off a large redevelopment site in the Newcastle central business district after signing a non-disclosure agreement with a buyer.
Wests chief executive Phil Gardner told the Newcastle Herald that the registered club group had entered into the privacy agreement over the sale of the 6600-square metre site next to Wests City.
The land adjoining the former Newcastle Workers Club in King Street now houses a car park but has planning approval for two high-rise apartment towers.
The Herald has been told the sale could net Wests as much as $30 million, which would price the land at $4500 a square metre and represent a significant return on its investment in 2015.
One Newcastle developer described a $30 million price tag as "about the market" rate for the site.
Wests paid $19 million for the workers club and car park, a combined 13,000 square metres, seven years ago. In 2019, the group announced the $160 million plans for the 6600-metre car park site.
The project, which includes one tower of apartments and another for seniors living, won development approval in March last year.
Colliers listed the block for sale this year as a "gateway" site with development approval in place for the two towers and 285 underground parking spaces. Expressions of interest closed in April.
The Wests empire includes six licensed clubs in Newcastle, the Newcastle Knights, the Executive Inn and Gateway Inn hotels, The Anchorage resort at Port Stephens and the Balance gym chain.
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