City Exchange Site, 591-615 Hunter Street & 426 King Street, Newcastle_Property for Sale

591-615 Hunter Street & 426 King Street, Newcastle West, NSW, 2302, AU

City Exchange Site, 591-615 Hunter Street & 426 King Street, Newcastle

Asset Description

JLL and Commercial Collective are pleased to exclusively present for sale ‘The City Exchange site’, in Newcastle. With frontages to two of Newcastle’s most prominent streets, between major retail amenity and the harbour foreshore, the site is centrally located in the heart of Newcastle CBD and presents a super-rare, consolidated land parcel of 6,483sqm comprising 5 existing office buildings as well as an at-grade car park.

With strong existing holding income, the site presents genuine optionality to reposition the existing improvements or unlock future development opportunities, afforded by the sites significant under-development relative to current planning controls and low site coverage ratio of ~49%. Based on surrounding uses, current planning controls and market demand, the site could accommodate multi-sector development, including office, BTR, medical, hotel or residential and associated retail uses.

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Attributes

Land area net

0.65 ha (6,483 m²)

Media

Investment Highlights

A prime site with genuine optionality – a major central Newcastle site comprising a 6,483sqm land parcel which could deliver up to 35,654sqm* of mixed-use GFA.
Secure holding income – consisting of 5 high quality assets on the site, the existing assets underwent major refurbishment in 2010 and provide secure holding income from a strong and diverse tenant mix with a total WALE of 1.96 years by income.
Scarce offering – The consolidation of the 5 formerly ‘Community Title’ sites by the current owner presents a truly unique offering in the market. This offering is one of only 3 CBD sites with the potential for redevelopment to be offered to the market in the past 10 years with a total area greater than 6,000sqm.
Centrally located to Newcastle’s best amenity - Situated between Honeysuckle and Marketown Shopping centre and within moments of all forms of major transport infrastructure.
Valuable mixed-use zoning and placemaking opportunity - The sites flexible MU1 mixed-use zoning and position within its local market provides opportunity for major multi-sector mixed-use development, ranging from Medical, BTR, Residential, Office and Hotel use.
Opportunity to be apart of Newcastle’s growth story - Newcastle has transformed into NSW’s second largest CBD underpinned by a growing white-collar workforce, transformational education investment and NSW’s leading medical facilities being home to the state's largest public hospital.
5 star NABERS Energy Rating (615 Hunter Street) and 2.5 star NABERS Energy Rating (426 King Street)

A 100% Freehold interest in The City Exchange Site (comprised of 426 King Street, Newcastle and 591-615 Hunter Street, Newcastle) is being offered for sale via an International Expressions of Interest process closing Thursday 20^th July 2023 at 3pm (AEST).

For further information, please contact the exclusive selling agents at JLL and Commercial Collective.