A national investor has secured the former lamp works site in Hamilton North in a deal worth $31 million.
The sale of the 6.9-acre site at 54 Clyde Street, which previously operated as the Electric Lamp Manufacturers of Australia, is one of the Hunter region's largest industrial investment transactions in recent years.
Commercial Collective's Byrne Tran facilitated the sale of the mixed-use property alongside Brad Crouch and Benajmin Morello after a national expressions of interest campaign.
Mr Tran said the buyer plans to give the 26-tenanted property a "facelift".
The sale delivered the vendor a significant payday.
CoreLogic records show the site was last sold in 2002 to a Sydney-based private investor for $2.3 million shortly after the lamp works ceased operations.
"The vendor refurbished the old industrial site and it took a lot of work to bring it up to where it is today as a mixed-use commercial and industrial business complex," Mr Tran said.
The campaign generated substantial interest from investors, with 79 leads and seven competitive offers.
"We received enquiries from across the country and we had seven offers, mostly from Sydney and out of the region but the eventual buyer was a national investor," he said.
The property has a diverse tenant mix of businesses, including a gym, op shops, vintage furniture stores and a cafe, generating an income of almost $2.15 million per annum.
The site includes 200 car parking spaces.
The new owner plans to enhance the site further by continuing to lease to new tenants and implementing significant property upgrades.
The Electric Lamp Manufacturers of Australia was founded in 1923 and became the country's main producer of lightbulbs, employing thousands of people in the region until the company folded in 2002.
Mr Tran said the property's history, diverse tenant mix and prime location presented a unique investment opportunity.
"Newcastle does present good value compared with major capital cities which attracts these major national investors to our region," he said.
"It offers the opportunity to buy assets, particularly city fringe assets like this.
"It is rare to secure 2.8 hectares of land on the city fringe and with Newcastle evolving as rapidly as it is, this becomes quite attractive."
