PRDnationwide Newcastle and Lake Macquarie's Jesse Wilton and Mark Kentwell are selling a Victorian terrace at 79 Wolfe Street that has been "reimagined" with an extensive renovation. It is positioned on two titles of land comprising 457 square metres in total.

The property also features a separate, self-contained double-storey studio and rear-lane access to a single garage.

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The terrace was built circa 1865 and has three generously sized bedrooms and three bathrooms. There is a formal lounge plus open plan kitchen, dining and living. It has leadlight doors and windows, high ceilings and picture rails and sculptural wrought-iron by local artisan Tom Ireland is an eye-catching feature to the timber staircase and balustrade.

The property is set for auction on September 18. A price guide has not been set but Mr Wilton said early buyer feedback was between $2.6 million and $2.8 million. It is open to inspection on Saturday at 1pm.

"It is rare to have so much accommodation, the amount of land size and off-street parking so close to the harbour, Newcastle Grammar School and the city," Mr Wilton said.

"It is also really functional. Terraces aren't generally so functional but in this one the kitchen flows out to your yard and separate stuidio/granny flat with kitchenette, which could be used for Airbnb or could be a teenage retreat."