A shopping centre that is zoned for mixed use has come on the market in Newcastle.
The Elermore shopping centre, north west of the city, is expected to reach $18 to $20 million.
The Newcastle Herald has reported the 23,882 square metre centre has an IGA supermarket and 17 local and national specialty retailers.
Listed by Savills Australia, agent Steven Lerche said there was enormous scope for the site, which includes parking for 235 vehicles, but is otherwise largely undeveloped.
“The zoning allows for mixed use, so that could mean retail on the ground floor and some residential above,” Mr Lerche said.
“And that residential can be anything from ordinary units to aged care.”
Earlier in the year Inside Ageing reported that Newcastle is tipped as the next ‘residential and lifestyle hub’ for retirees with significant development going on in and around the city.
There will be approximately 2500 new apartments coming onto the market in the next two to three years, compared to about 250 per year previously, all of which have already sold to owner-occupiers – mainly baby boomers.
Expressions of interest for the Elermore shopping centre close at 3pm on May 3.