A significant landholding in Raymond Terrace, listed as a development opportunity on behalf of Port Stephens Council, could fetch up to $27 million.
The town centre residual land comprises three consolidated lots at 112 Adelaide Street, 18A Sturgeon Street and 7A Bourke Street within the central business district, and covers a combined land area of about 13 acres.
The sites are offered for sale by expressions of interest (EOI) with an estimated value of $24 million to $27 million.
Listing agencies Commercial Collective and Cushman & Wakefield are handling the sale on behalf of Port Stephens Council.
The site is zoned E2 Commercial Centre which permits uses including retail premises, commercial premises, residential flat buildings, medical facilities, community facilities and other service-based uses.
Dane Crawford, CEO of Commercial Collective, said the campaign was structured to prioritise high-quality development outcomes aligned with the council's long-term strategic vision, rather than a sole focus on price.
The strategy has a focus on supporting increased density, housing diversity, employment generation, and improving the town centre.
"The EOI process will invite proponents to submit draft masterplan concepts, encouraging innovation, design quality and deliverability," Mr Crawford said.
"Submissions will be assessed on a range of criteria, including urban design outcomes, staging, activation and alignment with council's strategic objectives.
"Rather than prescribing a single development outcome, this approach is designed to foster competitive tension while ensuring proposals respond meaningfully to the character, needs and long-term vision of Raymond Terrace."
Mr Crawford expects the site to attract strong interest from developers and investors seeking to capitalise on the region's growth.
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The site adjoins the Raymond Terrace Marketplace shopping centre.
Commercial Collective senior executive Isaac Reville said Raymond Terrace played a crucial role in servicing the growing Port Stephens population and the wider Hunter region.
"This offering provides a unique chance for developers to contribute to the long-term evolution of the town centre, delivering projects that enhance activation, employment and liveability", he said.
Expressions of interest close on May 7.
