Peter Macadam and Nick Christensen reported international attention and strong enquiry before they transacted the $5.25 million sale of the former CBD hotel on Newcastle's Hunter Street to "a valued Colliers International client".
They said the buyer was a Sydney-based developer who appreciated "the Newcastle story and the flow-on effect of the revitalisation of the CBD".
The sale came as another well-known Newcastle establishment in the landmark Beach Hotel overlooking Merewether beach was listed for sale.
Deane Moore, of Moore & Moore Real Estate, and Mike Wheatley, of Knight Frank Hotels, are marketing the Beach Hotel through expressions of interest.
SENTINEL BOOSTS PORT PRESENCE
Sentinel Property Group has purchased a vacant, development-ready site adjacent to another of its industrial assets at Mayfield, giving the real estate investment trust a 50-hectare combined landholding in the Port of Newcastle precinct.
The approximately 10.16 hectare cleared site at Lot 6, 71 Industrial Drive, Mayfield, was bought for $3.5 million. It adjoins Sentinel's industrial investment at 51 Industrial Drive, which was purchased for $31 million in 2015.
Sentinel managing director Warren Ebert said acquiring a vacant site next to 51 Industrial Drive offered many opportunities for Sentinel to add value.
CAMERON PARK OFF-MARKET SALE
A strong yield, brand new facility and a 20-year lease provided key appeal to the $4.3 million off-market sale of a Cameron Park childcare centre, according to Commercial Collective's Matt Kearney. The property at 27 Breakwell Road, Cameron Park was sold on behalf of a Newcastle-based childcare developer to a Central Coast-based high-net worth buyer.