The Cambridge Hotel has been listed for sale and early interest has predominantly come from developers.
Adam Leacy and Matt Kearney, of Commercial Collective, are marketing the property at 789-791 Hunter Street and 5-7 Denison Street in Newcastle West in conjunction with Deane Moore, of Moore and Moore Real Estate through an expressions of interest campaign, closing on February 11.
At 789-791 Hunter Street is the operational Cambridge Hotel and live music venue. It comprises three sections on the ground floor, each having their own respective bar area. Upstairs, the first floor comprises 16 student accommodation rooms with break-out areas and amenities. The property benefits from a liquor licence on title and eight poker machine entitlements. At 5-7 Denison Street is a two-level commercial office building with 19 car spaces at the rear.
The property has a lease in place until June 2023, returning around $267,687.22 net per annum plus GST, and Mr Leacy said the site was strategically placed within the city's growth corridor. It is zoned B4 Mixed Use and has a total site area of around 1942 square metres.
"It was taken to market in 2017 albeit our view was that it was a little bit early to market," Mr Leacy said. "Now with the infrastructure around it, The Store and what's happening in the West End, we believe is the right time.
"Interest rates are low and there's a lot of infrastructure and inherent value that's being spent around the property. The response has been really good. Interest has been from a combination of hoteliers and predominantly developers."
A guide has not been disclosed.
Toboggan park listed
Commercial Collective, in conjunction with Stonebridge Property Group, are also marketing Toboggan Hill Park in Nelson Bay through expressions of interest, closing March 3.
After operating the business for the past 33 years, Mr Leacy said the owner-operators were moving on to the next chapter in their lives and the freehold land as well as the operational business at 16 Aquatic Close were for sale. A guide has not been disclosed.
"Interest will be theme park operators, potential developers, perhaps someone looking for a lifestyle change to operate the business, mobile home parks," Mr Leacy said.