COMMERCIAL
Hannel Street
— Newcastle, NSW
EXP Capital are excited to present a recent acquisition to our commercial property portfolio at 90-94 Hannel Street, Wickham.
The property sits on a land size of 8985sqm with substantial improvements located in the harbourside precinct of Wickham on the doorstep of the Newcastle CBD and 450m north of the Newcastle Interchange, with frontage along Hannel Street. The site encompasses nearly an entire city block, benefiting from four street frontages, and is zoned MU1 Mixed Use. Hannel Street is a gateway land holding, that provides multiple potential outcomes.
EXP has formed a Joint Venture partnership with the existing owners to develop the site and maximise the bulk and scale of the site while working with both the local council and state government to meet the ever-growing needs of greater Newcastle.
Interest in the asset was high due to the current land size, flexible zoning, and favourable development controls allowing a range of expansion and redevelopment opportunities. The passing rent at the time of acquisition was below market parameters with a 14% increase after acquisition being achieved by EXP Capital.
The FSR is underutilised, and the property has approximately 8280sqm of unused GFA. This represents a significant development upside for EXP capital. We are currently in the process of working with the State Government and local council regarding the highest and best use of the site and future development.
Commercial
Newcastle
Ongoing
SECTOR
LOCATION
COMPLETION
