Property Watch: Pacific Street terrace listed for sale with DA approval for three additional apartments

RARE OPPORTUNITY: An artist's impression of how a Development Application approved three apartments to be built on top of an historic Newcastle terrace will look.
RARE OPPORTUNITY: An artist's impression of how a Development Application approved three apartments to be built on top of an historic Newcastle terrace will look.

Interest has come from “everywhere” since an end terrace in a row of five overlooking Pacific Park in Newcastle East has hit the market.

First National’s George Rafty is marketing 14 Pacific Street, which comprises ground-floor commercial and an apartment above.

The property also has Development Application approval to build three further apartments on top of the existing building while retaining its heritage facade.

The property is set for auction on site on June 23 and has a price guide of $2 million to $2.2 million.

INNER CITY LOCATION: An artist's impression of how a Development Application approved three apartments to be built on top of an historic Newcastle terrace will look.

INNER CITY LOCATION: An artist's impression of how a Development Application approved three apartments to be built on top of an historic Newcastle terrace will look.

“It’s a beautiful location, on the park. There’s not many people who don’t love that spot and we’ve had a lot of inquiry,” Mr Rafty said. 

“It is in a row of commercial shops with a restaurant below and a unit above and is earning about $64,000 per year across the two leases.”

The DA approval already secured allows the construction of three additional two-bedroom, two-bathroom apartments.

They are expected to capture harbour and ocean views. The approved plans also include a rooftop terrace and residents’ gym as well as stacked parking for four cars.

VIEWS: The property overlooks Pacific Park and is a short stroll to the harbour and Newcastle beach.

VIEWS: The property overlooks Pacific Park and is a short stroll to the harbour and Newcastle beach.

Cardigan Street set to break $1M

Across the harbour, a totally renovated residence in Stockton could be poised to deliver Cardigan Street its first million-dollar sale.

Lucas Gresham, of Dowling Wallsend, has listed 1 Cardigan Street which he rates as “probably one of the most complete offerings I’ve ever sold”.

“It has everything. Everything is top quality and it has a versatile floor plan,” Mr Gresham said.

“It has five bedrooms, three-and-a-half bathrooms, a huge walk-in robe in the master suite upstairs, a pool, ocean views and it’s renovated.”

The two-storey home is set for auction on site on July 7 with bidding expected “around the $1.35 million mark”.

Upstairs is the master retreat, a second bedroom and a living space with its own kitchenette/bar and east-facing balcony. 

There are three bedrooms plus the main kitchen and living downstairs.

ORIGINALITY IN MEREWETHER

Dalton Partners power team of Scott Purnell and Joanna Cook have two 60s-style Merewether properties with potential headed for auction this month.

One is a top-floor, two-bedroom apartment in brick complex Palmview at 24 Kilgour Avenue which has a guide of $700,000 and its first inspection at 9.30am Saturday.

INTEREST EXPECTED: This two-bedroom apartment in beachside Merewether is being marketed with a price guide of $700,000.

INTEREST EXPECTED: This two-bedroom apartment in beachside Merewether is being marketed with a price guide of $700,000.

Mr Purnell said “they rarely come up there” and felt some of the the older-style beachside apartments were “coming back into their own” due to their size, price point and location.

They are also marketing a four-bedroom residence at 41 Scenic Drive. It has city and ocean views and is flanked by one of Merewether’s landmark properties, which was bought for $4.5 million in 2015 and is set to be redeveloped into a luxury trophy home.

The home, pictured middle, is flanked by some of Merewether's landmark properties.

The home, pictured middle, is flanked by some of Merewether's landmark properties.

No.41 has already attracted plenty of out-of-town interest “seeing the relevance of buying in that little niche section”.

There have been $2.2525 million and $1.7 million sales closeby on Scenic Drive this year.

BIRD'S EYE: The Scenic Drive home is in need of updating but offers panoramic views of the city and ocean.

BIRD'S EYE: The Scenic Drive home is in need of updating but offers panoramic views of the city and ocean.

AGENTS FINALISTS FOR REB AWARDS

Mike Flook (Robinson Property), Dane Queenan (PRDnationwide Port Stephens) and George Rafty (First National Newcastle City) are finalists for Real Estate Business regional sales agent of the year. 

Mark Kentwell (PRDnationwide Newcastle) and Guy Robinson (Robinson Property) are finalists for regional principal of the year. 

James Rodrick (Starr Partners) is in the running for newcomer of the year.

Robinson Property, PRDnationwide Hunter Valley and Creer Property Charlestown are finalists for regional sales office of the year.

The awards will be announced on July 19 in Sydney.

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