The premises of popular venue The Edwards, co-owned by Chris Joannou of Silverchair fame, has sold for more than $4 million.
The Newcastle West property, which had been part-owned by the former Silverchair bassist along with parents David and Sue, was sold to an investor from Sydney for $4,051,000.
Once a laundromat run by Mr and Mrs Joannou, the warehouse at 148 Parry Street was converted into a cafe, bar and restaurant in 2014.
Selling agent Michael Chapman, of Colliers, said the auction had been fought out between two bidders, ensuring a price that bettered both the sellers' expectations and the $3.35 million guide.
The Edwards, which turns over about $200,000 a year, will continue to run as usual from the site.
"The Edwards have quite a long lease, plus option terms, so they're just a passive investor collecting income," Mr Chapman said of the buyer.
"The mid-$3 millions was where most of the interest was, and in the process of the auction spirited bidding got us to north of $4 million."
According to CoreLogic data, David and Sue Joannou had owned the 660 square metre building since 1999 under the name Science Holdings Pty Ltd.
Chris Joannou spearheaded its 2014 conversion with mates Tim Leveson and Chris Johnston, launching a venue that has since become one of Newcastle's most popular watering holes.
The building was 70 per cent destroyed by a fire in June 2018, causing The Edwards to close for more than a year before reopening in August 2019.
