Commercial Property: Site of popular Kingsgrove Sports Newcastle listed for sale

A six-lot corner site at Islington which includes Kingsgrove Sports Newcastle has attracted local, interstate and international interest since being listed for sale.

The site comprises a total land size of 2075 square metres with frontages to Maitland Road, Ivy Street and Fern Street.

One of the lots, at 46 Maitland Road, is well-known in sporting circles as home to Kingsgrove Sports Newcastle.

Street Property Group’s Damon Sellis is marketing the property through expressions of interest with a price guide of $5 million.

It has a development application for 54 apartments over five levels and two ground floor commercial suites awaiting approval with Newcastle City Council.

“We have had a lot of interest from local, Sydney and interstate developers and even an inquiry from a UK development group who are interested in the Newcastle marketplace,” Mr Sellis said.

“They are looking outside of Sydney and looking at Newcastle now because it’s a growing marketplace with lots of opportunity.”

Mr Sellis said location was the key selling point.

“It’s a great site on the city doorstep, close to the interchange, close to Beaumont Street,” he said.

EOIs close November 15.

PLATT POTENTIAL

A double block in Waratah featuring an original corner shop building will appeal to a range of buyers, according to First National’s George Rafty.

The property at 39 Platt Street is 632 square metres and is originally thought to have operated as a grocery wholesale business.

It is being marketed with a price guide of $690,000 to $750,000 and has plenty of scope to redevelop, according to Mr Rafty who will take it to auction on November 11.

He said it has an R2 Low Density Residential zoning and could be used as a commercial site or redeveloped into residential buildings subject to council approval.

PRIME POSITION

The East Maitland property leased to Rebel Sports offers a rare investment opportunity, according to Andrew Cant of Starr Partners Maitland.

The property at 4/25 Mitchell Drive  is being marketed by Mr Cant through an expressions of interest campaign closing November 23.

It is located opposite Stockland Green Hills.