Four properties between 7 and 13 Steel Street in Newcastle West have been sold separately through expressions of interest.
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Colliers International marketed the significant site, which was also available to be bought in one line and included popular food and beverage outlet Antojitos and Domino's pizza.
Nick Christensen, of Colliers, said the properties attracted interest from local and national investors and developers with each selling on an individual basis to investors. Prices ranged from $975,000 to $1.525 million.
The four buildings were part a significant property portfolio that comprised eight properties across varying asset classes and produced a total sale value north of $7.8 million. The properties were sold under instructions from Smith Hancock reconstruction and insolvency firm and included 5-7 Union Street in Newcastle West, 15 Alma Road and 269 Lambton Road in New Lambton and 16 Ironbark Close, Warabrook.
"The portfolio was exceptionally well received by the market," Mr Christensen said.
"The assets generated over 380 enquiries, 91 contract requests and multiple offers on each property. In the current record low interest rate environment, we are seeing increased appetite for quality investment stock which was highlighted by two of the assets transacting on sub five per cent net yields."
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CBD buildings set for auction
Commercial Collective will take two Hunter Street buildings to auction on Wednesday at Novotel Newcastle Beach.
Bidding is expected from $800,000 to $850,000 for a shop-top building at 764 Hunter Street that has Development Application approval for two four-bedroom apartments.
"It's a good property in terms of what it's got to offer," agent Adam Leacy said. "In its current form it is a nice mixed use investment property with the added value of converting that to a two by four-bedroom apartment building. It's a nice asset in the market because it offers flexibility.
"It's in the emerging part of town. It's owner-occupier, developer, investor, so it caters to all three sectors. It provides a multiple of uses and there's a multiple of buyers who would be interested in this property."
Bidding is expected from $1.1 million to $1.2 million for 529 Hunter Street where The Terrace Bar operates. It has a rental income of around $115,565 net per annum.
