Venue operators from Newcastle's hospitality scene are the new owners of 48 Watt Street

The inner-city Gothic-style building in Newcastle was listed for sale in July with Commercial Collective agents Adam Leacy and Isaac Reville through an expressions of interest campaign.

The sale price was undisclosed.

CoreLogic records show the building was previously sold in May 2018 for $3.1 million.

Mr Reville said the new owners requested not to be named yet, however, he revealed that they planned to continue operating the property as a venue for functions and events.

"The buyers are a local partnership who are going to continue running it as a wedding, functions and events centre, which is good news," Mr Reville said.

"They are already involved in multiple hospitality venues across Newcastle and they will own and operate the premises themselves."

The sale comes three months after the owners of 48 Watt Street listed the property for sale just days after the venue's business operators were put into liquidation.

The ownership of the property was unrelated to the business.

Mr Revile said the property drew 165 enquiries throughout the expressions of interest campaign.

"There was a lot of local interest but there was also a lot of interest from buyers out of Sydney and we ended up having four offers submitted," he said.

"One of those was a group of investors out of Sydney and we had a church group as well who put an offer forward, so it was a really mixed bag."

The landmark building offered a walk-in, walk-out opportunity with the inclusion of an approved function and events centre, an external covered alfresco area and a commercial-grade kitchen.

Built around 1905, the property had operated as a venue hosting weddings, live music and events under the name 48 Watt Street.

The agent said the new owners were open to working with those who had events booked at the venue before the previous business operators were put into liquidation and removed from the premises after four years of "inconsistent" rent payments.

The closure of the business, owned by Wellsman, left couples with wedding bookings out of pocket.

The business, which was also named 48 Watt Street, had operated within the property at the address since November 2017

"The new owners are going to hit the ground running and I'd say they will reach out to people in due course," he said.

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