Unique Development Opportunity on Hunter Street
Newcastle NSW, September 2024 – 528-534 Hunter Street is a landmark two-level commercial building in the heart of Newcastle’s vibrant CBD, is now available for sale or lease via Expressions of Interest, closing Thursday, November 14, 2024, at 4 PM. This exceptional property presents a unique opportunity to capitalise on the city's dynamic growth and ongoing urban transformation.
Positioned at the prominent corner of Hunter Street and Worth Place, this property offers outstanding visibility and accessibility, located near Newcastle University, the East End redevelopment, and key precincts like Darby Street and King Street. With modern interiors, secure parking, and quality end-of-trip facilities, the site is move-in-ready for any business needs.
Zoned MU1 Mixed Use, this property offers significant development potential (STCA), featuring a building height limit of 24 metres and a Floor Space Ratio (FSR) of 2.5:1. Currently leased to a government agency with a lease set to expire in January 2025, this property generates a current rental income of $765,078 net per annum, with the potential for reversion rent expected at approximately $700,000 per annum upon vacancy.
"This is a rare opportunity to acquire a strategically located site that stands to benefit significantly from the nearby Honeysuckle City Campus development," said Isaac Reville, Commercial Executive at Commercial Collective. “528-534 Hunter Street offers the potential for a mixed-use approach, integrating existing commercial spaces with new residential apartments, making it a prime target for developers looking to capitalise on Newcastle's ongoing growth.”
Sarah Willcox, Associate Director at Commercial Collective, added, "With its modern, move-in-ready fit out and high-quality interior spaces, this property appeals to a wide range of businesses. The existing design offers a seamless transition for prospective tenants seeking a functional and professional working environment in a thriving urban area."
As Newcastle continues to evolve into a dynamic urban hub, 528-534 Hunter Street presents an unparalleled opportunity for either a potential tenant or a developer to create a vibrant mix of residential and commercial spaces. The property’s strategic location and development potential make it a standout offering in today’s market.
