A landmark Newcastle property is expected to attract widespread investor interest.
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Originally built for Shortland Electricity then headquarters for Southern Cross Ten before Roads and Maritime Services were there, the three-level office building at 47 Darby Street is being marketed by Jason Morris of Raine & Horne Commercial Newcastle.
The fully leased property is owned by the Steggles family and being sold through expressions of interest closing June 27. A price guide has not been disclosed.
"There are five separate tenancies and all five are on five-year leases with none of the leases more than two years old," Mr Morris said.
"They all have at least three years to run, some four, and it is bringing in just over $718,000 net per annum.
"Every floor has been renovated between 2017 until now. The car park is on a parcel of land behind the building up the hill, so future development is definitely possible. We're getting local interest but also had plenty of interest from super funds and syndicates out of Sydney, just because of the level of investment it is."
The site is approximately 3566 square metres in size. Mr Morris said its position on the fringe of the Newcastle CBD and overlooking Civic Park made the building attractive to high-quality tenants.
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