RESTAURANTEURS are among the buyers who have expressed interest in two terraces listed on Darby Street's popular cafe strip.
The side-by-side buildings at 127 - 129 Darby Street in Cooks Hill are for sale via online auction with Pat Collins at Movable.
"Our guide is $1.85 million and that is where we expect the bidding to start," Mr Collins said.
"Where the bidding rolls from there is up to the market but so far we have had enquiry both locally and interstate.
"There have been a couple of local restauranteurs looking at it and local investors, and there is always a circle of buyers who will try to pick up something on Darby Street if given the opportunity."
The building is currently leased to cafe The Autumn Rooms which has occupied both terraces since opening in 2017.
Previous operators in the building over the years include Grind Coffee Co, One Two Seven Darby and Black Sheep.
Mr Collins said the building spanned two titles and included a commercial kitchen, dining areas, bathrooms and an outdoor courtyard.
"It is the first time it has been offered for sale for many years," he said.
"It is an incredibly rare opportunity and it is fully leased investment across two titles, so this one is really the crown jewel of that whole strip."
Zoned for mixed use, Mr Collins said the property generated $90,970 per annum net with a lease in place until 2025 with a further five year option.
The popular eat street has undergone major changes in the past 12 months implemented by City of Newcastle.
These involved extending footpath dining between Sanctum and Goldbergs (including The Autumn Rooms) with the addition of a raised outdoor dining deck, a reduced 30km/h speed limit and additional speed bumps along the street.
In March, operators along the cafe strip told the Newcastle Herald they had noticed an increase in visitation since it was introduced.
"There is a great operator in the building and The Autumn Rooms benefit from being able to put extra tables out the front which has grown the business," he said.
"It really solidifies the investment."
The online auction closes on November 29 at 6pm.
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