November 2017

A private Sydney developer paying $1.75 million for a 2,000 square metre site in the heart of Nelson Bay was a highlight of Raine & Horne Commercial Newcastle’s Super Auction held on September 14 at Fort Scratchley.

Auction coordinator Steve Dick, Director of Raine & Horne Commercial Newcastle, told the Newcastle Herald that six of the nine commercial properties on offer sold under the hammer and the event attracted more than 60 interested parties and 22 registered bidders, including several “big guns” from Sydney and Newcastle.

“Six of the properties sold under the hammer, a result that confirms the health of commercial real estate markets in Newcastle and the Hunter region,” said Steve. He said the market’s vigour was exemplified by the auction of a small shop at 207 Cessnock Road, Abermain, which sold for $335,000 to a Sydney investor.