Prominent Hunter developer GWH Group has bought Wests Group's large Newcastle inner-city redevelopment site.
The Newcastle Herald reported in August that Wests had signed a non-disclosure agreement with an unnamed buyer for its former Newcastle Workers Club car park.
GWH confirmed on Thursday that it was the mystery buyer behind the deal and that it would proceed with an approved high-rise development on the site.
The Herald was told in August that the sale could net Wests as much as $30 million, which would price the land at $4500 a square metre and represent a significant return on its $19 million investment in 2015.
The licensed club giant announced its $160 million plans for the 6600-square metre car park land in 2019.
The project, which includes one tower of apartments and another for seniors living, won development approval in March last year.
"GWH have entered into an agreement with Wests Group to purchase the DA-approved site adjoining Wests City," GWH director Jonathan Craig said.
"This acquisition is a welcomed addition to our pipeline of projects and a further commitment to our region."
GWH has been active in the Newcastle CBD in recent years, building the Darby Plaza commercial development and Sky Residences apartment towers.
It has also started work on the ONE Apartments buildings in National Park Street.
"Whilst we remain focused on delivering our current on-market residential developments, at this point we intend to proceed to develop this site as approved," Mr Craig said.
"We are currently in early-stage discussions with aged care and independent living providers and working on the apartment design of the residential component of the development."
Colliers listed the block for sale in April as a "gateway" site with approval for two 14-storey towers and 285 underground parking spaces.
The Wests empire includes six licensed clubs in Newcastle, the Newcastle Knights, the Executive Inn and Gateway Inn hotels, The Anchorage resort at Port Stephens and the Balance gym chain.
The Newcastle Herald reported on Thursday that the St Hilliers/Spotlight Group joint venture had lodged plans for a $116 million residential redevelopment of the former Spotlight and Anaconda stores site in National Park Street.
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