The Jesmond shopping centre has been listed for sale for the first time since 1984.
Stockland Group are selling the centre, which has over 70 speciality stores and is anchored by Woolworths, Aldi and Big W, through expressions of interest.
It was the first of its kind for Newcastle when opened in 1964. Before then, Hunter Street had been the prime place for shoppers to browse.
John Schroder, Stockland Group executive and Commercial Property chief executive officer, said the company had “chosen to commence an on-market campaign for Stockland Jesmond to assess the market appetite for potential purchasers seeking a quality sub-regional shopping centre”.
“It’s business as usual at the centre and we’ll continue to keep our retailers, customers and the community informed,” Mr Schroder said.
Stockland Group have invested $10 million into the centre over the past three years, including the development of the 250-seat Eat Street dining precinct and a new ALDI supermarket.
“Stockland is committed to the Hunter and Newcastle region and we are well-progressed on our major $412 million expansion of Stockland Green Hills, with the next major stage of development to open in November.”
The centre with an estimated annual net operations income of $11.1million is built on an approximate 11.37-acre site.