Movable's Anthony Merlo expects interest to come both from local and out-of-town buyers for a Cooks Hill property he describes as "a rare opportunity".
Mr Merlo is marketing a 175 square metre vacant land allotment at 9 Queen Street.
While it is not a large offering, he said it was one that "packed some punch" given its B4 mixed use zoning and Development Approval for the construction of a boutique mixed-used building.
The property offers the choice of enacting the DA for a three-storey building designed by SHAC Architects or also the potential for a home and office development, subject to council approval.
The approved plans offer ground floor entry, lift services, a commercial suite and car parking for three vehicles.
The residential component comprises three luxury apartments, each on its own floor with direct lift access, two bedrooms, ensuite, open plan kitchen and living plus alfresco areas.
The property is positioned within footsteps of Darby Street's cafe scene and walking distance to Newcastle's harbour precinct and pristine beaches.
Mr Merlo said construction drawing, geo-technical survey and other supporting documentation had been completed to expedite the construction process.
It is being sold through expressions of interest, closing September 24, with a guide of $1.1 million.