A unique development opportunity presents itself in two back-to-back properties in the city, according to Commercial Collective's Adam Leacy.
He is marketing the site of the former Newcastle RSL on the ground floor of the Hunter Mall Chambers at Lot 1, 175 Scott Street as well as the building directly behind it at 176 Hunter Street.
Mr Leacy said the appeal lied in an opportunity to share internal parking as well as create parking for the existing Hunter Mall Chambers commercial floor plates.
The four-storey Hunter Street building is positioned adjacent to Hunter Street Mall. It has a striking heritage facade, a B4 Mixed Use zoning and Development Application approval for an adaptive re-use opportunity comprising retail, commercial, residential and a small bar designed by CKDS architecture.
The Scott Street property offers versatility. It has a total strata area of around 482 square metres with a hospitality fit-out in place. It is located adjacent to Market Street Lawn and Queens Wharf with potential harbour views and has vehicle access from Hunter Street Mall.
"We've had good interest so far, and the reason for that is because it presents two opportunities, either a developer or owner-occupier opportunity," Mr Leacy said.
"It presents the unique opportunity to unlock the full potential of the two adjoining sites because of the existing development consent to convert 176 Hunter Street into a mixed use development together with the car parking opportunity within the former Newcastle RSL club.
"If you were to complete the project as per the development consent you're creating a mixed use opportunity whereby you're spreading the risk across retail, commercial and residential. There's been no opportunities in recent times to acquire lifestyle commercial/retail suites within the city that come with parking."
Both properties are set for auction on June 17. Interest for 175 Scott Street is expected in the early to mid $1 million range and for 176 Hunter Street in the late $1 million to early $2 million range.