THE landmark Cooks Hill Commercial Centre has been described as “one of the best” CBD sites to be offered to the market in the past decade.
Knight Frank director of sales and leasing Nick Lane has listed the prominent Darby Street property for expressions of interest.
It features a revamped Genesis Fitness Centre on the open top floor, above a large commercial office space with multiple tenants and a retail liquor store on the lower floor. “Originally a wool store built in the early 1900’s, this property has undergone several major transformations over its lifetime,” he said. “Following recent renovations and refurbishments, the entire property now presents an excellent opportunity to acquire a quality investment. Offerings of this size rarely come to the market. The location, adjacent to the Darby Street restaurant precinct and just a short walk to the CBD and the beach will attract interest from investors as well as developers who value the long- term potential for the site.”
Mr Lane said the building’s tenants had varying lease lengths and the property would be offered for sale subject to the existing leases. The building has three street frontages, 76 car spaces and is on a 7786 square metre corner site zoned B2 local centre. Newcastle Grammar School purchased the property in 2006 but decided following a strategic review by the board and independent expert advice to sell. “Funds generated from the property sale will be used to improve school infrastructure across both the Hill and Park campuses and enhance student programs,” principal Erica Thomas said.
Mix of uses
A fenced inner-city carpark located at the “gateway to Darby Street” will go under the hammer as a potential development site next week.
PRDnationwide Newcastle and Lake Macquarie’s Mark Kentwell and Joel Soldado have listed 3 Queen Street at Cooks Hill on behalf of Property NSW. It will be auctioned at 6pm on June 21 at 45 Watt Street, Newcastle. The 697 square metre site is zoned B4 mixed use. A town planner and architect have suggested 36 student accommodation units; six townhouses; or a mix of three townhouses, six apartments and commercial space.