For sale: city car parks

PUBLIC tenders are open for three council-owned Newcastle CBD car parks.

As part of a multimillion-dollar, 13-property asset sale, would-be buyers have only until the end of the month to prepare offers for the three sites.

Listing agent Adam Leacy, of Colliers International, told the Newcastle Herald that the council had made its instructions to sell clear.

At least one of the three sites could be a linchpin in the future of the flagging CBD.

Neither Mr Leacy nor Newcastle City Council would be drawn on price.

Valuer-General land-only valuations estimate 92 King Street at $2.13 million, 50 Bolton Street at $2.59 million and 291 King Street at $3.19 million, as at July 2012.

Council-supplied operating figures for the three car parks show annual combined revenue for the 2010-11 financial year of more than $2 million, with an operating profit of more than $1.2 million.

Mr Leacy said there was opportunity to add commercial or residential value to the car parking use, subject to DA approval.

However, a council-estimated $23.5 million of capital is needed to make the three buildings earthquake-proof and to gain Building Code of Australia compliance.

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