The Newcastle Herald reported in December that Thirdi Group had bought the property at 924 Hunter Street and 4 Tighe Street from high-profile developer Jeff McCloy. The property was exchanged just before Christmas for an undisclosed sum, however, the Herald believes that it was close to the agents' original price guide of $11 million.

"The interest was for a range of exciting uses for the city," Mr Kearney said. "Newcastle is attracting a lot of interest because of its close proximity to Sydney and the decentralisation push because of COVID; people realising they don't need to live and work in the CBD any more and technology does permit you to work from home with efficiency."

Also attracting strong interest is the nearby Cambridge Hotel. Commercial Collective are marketing the property at 789-791 Hunter Street and 5-7 Denison Street in Newcastle West in conjunction with Moore and Moore Real Estate through an expressions of interest campaign.

Commercial Collective also reported the $3.85 million plus GST sale of an industrial property at 209 Old Maitland Road, Hexham.

Agent Byrne Tran said Newcastle's industrial market was proving to be "extremely resilient with continued demand for workshops with good yard area".

The Hexham property was purchased by Borger Cranes, who are expanding their operations in the Newcastle region. It featured a 2000 square metre workshop built on a site area of approximately 2.5 hectares.

"The sale really is a reflection of what's happening in the Newcastle industrial market at the moment, which is going from strength to strength, particularly post-COVID and coupled with low interest rates," Mr Tran said.

A Sydney-based property fund has paid circa $10 million to purchase 9 and 11 Channel Road, Mayfield West, which was also marketed by Commercial Collective and reportedly attracted nationwide investor interest.

Meanwhile, Colliers International's Nick Christensen and Tim Woolf sold 42 and 44 Orlando Road, Lambton prior to auction for a combined sale price of $1.1 million. The sale of the side-by-side homes with an industrial zoning was negotiated before Christmas.

"The campaign generated over 80 enquires in a short, three-week period, which further emphasises the pent-up demand for freehold assets such as these in popular suburban locations," Mr Christensen said.