The National Park Street property deal is due to settle in early December after contracts were exchanged this week. After receiving half-a-dozen “serious” expressions of interest for the building in the last two months, Newcastle Rugby League chief executive officer Matt Harris said he was pleased to have “a bit of certainty” surrounding the issue.    

“While everyone talks about the market being good at the moment, you never really know until you get that final offer in,” Harris said.

“We’ve still got a little bit to do, but we’re reasonably happy with it.”

Now the “crucial” process of reinvestment in another property begins with Harris wanting to ensure long-term sustainability of the organisation after running at a loss the last three seasons. He also aims to avoid asking participants and sponsors for more money. 

“These proceeds need to be reinvested and that reinvestment is there to drive revenue which would make sure Newcastle Rugby League survive long into the future,” he said.

“I guess a lot of credit goes to the directors involved at the time when the property was first purchased [believed to be around 60 years ago], which put us in the position to do that. We were lucky we had that asset.”

It is believed an investor-developer purchased the site from owners Newcastle Rugby League, but it remains unclear whether they will continue with current tennants Newcastle Leagues Club and what happens to the existing liquor license.   

When the property was first listed for sale in September, Colliers International representative Matt Kearney suggested it would suit someone looking to create small apartments. There’s a maximum height restriction of 60 metres and a floor-space-ratio of 6:1.

Meanwhile, Harris said talks about potential partnerships between Newcastle Rugby League and incoming Knights owners The Wests Group would be put on the agenda after the official takeover of the NRL club takes place next week.