Retail asset with significant development/refurbishment opportunity located at the gateway to Newcastle’s CBD.
“The Store”, an iconic retail asset located at the gateway to Newcastle’s CBD is being offered to the market and will provide significant refurbishment or redevelopment opportunity to the new owners.
“The Store is a historic icon in a prominent position in Newcastle,” said selling agent Adam Leacy of Colliers International. “Built in the early 1900s, The Store has been at the heart of Newcastle’s retail sector for many years. The asset is now prime for a new owner to redevelop or refurbish it, unlocking the potential value that’s on offer.”
Located adjacent to the soon-to-be-built Wickham Transport Interchange, the site is zoned for a wide array of uses including commercial, residential, hotel, retail and entertainment.
“This site offers a wide range of opportunities to the new owners,” said Mr Leacy. “It’s prime location and flexible zoning will make it highly sought-after by a range of buyers, both local and from further afield. Newcastle is NSW’s second largest metropolitan centre and has a strong economy, making it a highly lucrative destination for investors looking beyond the major cities.”
The new Wickham Transport Interchange will open up travel between the CBD and the emerging CBD in Newcastle’s west. Trains, buses, taxis and the future light rail will all be accessible from the interchange.
The site currently contains a range of retail outlets, function space, commercial space and carparking for up to 270 cars. The property is being offered for sale via an expressions of interest campaign, closing at 2pm on Friday 11 September. The agents handling the sale are Adam Leacy, Matthew Meynell and Chris Chapman of Colliers International.