Old Rail Institute On Track For Sale

Newcastle Herald

Saturday April 19, 2008

By SARAH-KATE SCICLUNA

HUNTER Development Corporation is selling the former Railway Institute Building site in Hunter Street, Newcastle, and a waterfront cafe at Maryville through Raine and Horne Commercial's Steve Dick.

First put to sale via a private expressions of interest campaign late last year, the cleared 2147-square-metre 540 Hunter Street is zoned (B3) commercial, allowing for the development of a building with a floor-space ratio of 4:1 and 24-metre height limit.

Formerly with a federation-style red brick building, the site has views of the harbour.

Mr Dick said the site would appeal to developers or a company wanting to make use of the frontage to build its corporate headquarters.

He said the corporation took the site off the market following a lack of response due to strict development guidelines calling for low-cost housing.

Mr Dick said he could not comment on what price the site could attract.

The 177-square-metre building that houses Source Cafe at 74 The Lane, Maryville, is expected to attract bids above $300,000 when it is auctioned on May 7.

Currently let at $25,450 a year plus GST and outgoings with a lease expiring in April 2011, the building would appeal to investors, Mr Dick said.

Private hospital spacesA MEDICAL suite and cafe within the grounds of Newcastle Private Hospital will go under the hammer next month through Colliers International Newcastle's Adam Leacy and Michael Dodds.

The strata-titled 2G suite, in the medical suites building at 26 Lookout Road, New Lambton, is let to a pathology service for $24,150 a year plus GST.

On the ground floor, it has 70 square metres of net lettable area.

One car park is included on the title in addition to a shared public car park.

The heritage-style building housing the Croudace Tea House at Lot 4, 20 Lookout Road, New Lambton, has a net lettable area of 67 square metres in addition to external dining areas.

The building has an annual return of $21,639.

Two car parks are included on the title in addition to a shared public car park.

Both sites will go to auction on Friday, May 9.

RailCorp unloads

A REMEDIATED vacant parcel of RailCorp-owned land at Islington is expected to fetch bids above $1 million when it is auctioned next month through Knight Frank Newcastle's James Johnston.

Made up of four separate lots and zoned 3(d) mixed use, 6-12 Maitland Road has a combined area of 1843 square metres with 80 metres of frontage to Maitland Road.

Formerly occupied by several houses, the site would particularly appeal to developers wanting to make use of the frontage for office accommodation, Mr Johnston said.

It will be auctioned on May 15.

Cornering the market

THE former Big Als restaurant in Newcastle has sold to Newcastle investors for $4.35 million through Colliers International Newcastle's Tony Marshall.

Sold by Sydney developers Marsim, which developed the nearby Acculon apartments, the refurbished 2000-square-metre tri-level 11 Brown Street is let to training organisation WEA, Scenic Tours and recruitment company Drake.

WEA moved to the building, also fronting King Street, from their former 63 Union Street, Cooks Hill, headquarters, bought by Newcastle developer Stronach for just over $2 million early last year.

Stronach intends to subdivide the site and sell three lots, each between 500 and 700 square metres in size and priced from about $500,000.

© 2008 Newcastle Herald

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