A heritage-listed Hunter Street building owned by retail magnate Hilton Seskin is on the market eight months after a $7.2 million redevelopment was approved.
A founder of Rebel Sport who has more recently spearheaded Glue, JD Sports and Topshop's Australian stores, Mr Heskin's Singlost Pty Ltd bought the Municipal building for $3,275,000 in 2017.
The company's plans name of company to convert the circa-1887 building into an apartment and retail block were approved by City of Newcastle in 2019, and a further one-floor extension got the green light in October.
The latest development application detailed an eight-level building with 32 one-bedroom apartments, two two-bedroom apartments and nine shops earmarked for high-end retail.
Under the approved DA the building itself would rise as high as 28 metres on Keightley Street, a 40 per cent variation on the area's standard 20-metre limit, and offer views of the harbour and cathedral.
RELATED: Mayfield's Beauford Hotel sells after 30 years in same family
Beachside Merewether home breaks $10 million barrier
Minmi's finest: historic 'Old Courthouse' for sale
Colliers' Michael Chapman, who is marketing the property with Peter Macadam, confirmed the site's owners were open to selling the whole site, but would ideally retain ownership of the retail side of the development if a suitable deal could be struck.
"That's their expertise and they'd like to curate a really well-done precinct and tenancy mix that they can control," Mr Chapman said.
"They haven't named anyone [potential tenants] at this stage, it's probably a little too early ... but that is the plan.
"Super high-end, super curated, they'll be quite specific and picky which is fantastic for the apartments upstairs."
A price guide has not been disclosed for the property, which has attracted "fairly strong interest" from across eastern Australia.
Prospective buyers have varying interests in what they would like to do with the site.
"The approved development is a great concept, but the zoning does allow for other uses such as a hotel," Mr Chapman said.
"We have had interest from hotel operators as well ... I think that could work really well in that part of town so it's not restricted to the DA, there are other options there for it as well."
Expressions of interest on the property at 164 Hunter Street close next week.
