After revealing plans to move its head office to a new site in Newcastle West, one of the Hunter region's largest companies is selling a portfolio of prime inner-city properties.
Newcastle Greater Mutual Group (NGM) has listed three properties for sale, including the landmark seven-storey commercial site on the corner of King and Union streets built as the headquarters for Newcastle Permanent.
The portfolio also includes a neighbouring mixed-use building on Union Street occupied by the long-running Frank's Ham & Beef, alongside Newcastle Permanent's branch in the Hunter Street Mall.
NGM Group's head office will move to new premises in Newcastle West in 2028.
The portfolio is listed for sale via an expressions of interest campaign led by Peter Macadam, Luke Rutledge and Michael Chapman, of Colliers Newcastle.
In October, the Newcastle Herald reported on NGM Group's plans for a new 9000-square-metre head office at the former Muso's Corner site in Newcastle West.
NGM Group has been looking for a location to house all its corporate office teams under one roof since it was created through the merger of the Greater Bank and Newcastle Permanent in 2023.
"We're very excited to be moving into our new headquarters in Newcastle West in 2028," a spokesperson for NGM Group said.
"This will be bringing together our head office and contact centre teams under the one roof, which means we have some buildings that will no longer be needed.
"With work progressing on the National Park Street site, we've now turned our attention to finding new owners for some of our existing buildings and are looking forward to working with the new owners until it is time to move."
Colliers said the three sites offered commercial, mixed-use and redevelopment potential for investors, developers and owner-occupiers.
The 1647 square metre site at 307 King Street built as Newcastle Permanent's long-standing offices is suitable for adaptive reuse and redevelopment, with 7576 square metres of lettable area.
A neighbouring mixed-use property at 27 Union Street includes a long-standing retail tenancy and a vacant residential apartment above.
The site spans 645 square metres.
It is for sale separately or in one line with the head office site.
Mr Macadam said its position next to the King Street building created the potential to assemble a larger CBD landholding.
The third site, at 192 Hunter Street, is a three-storey commercial building with harbour views positioned opposite the East End development.
It includes a leaseback to Newcastle Greater Mutual Group on the ground floor and vacant upper levels.
"Bringing three different assets to market at the same time gives buyers the flexibility to pursue different investment strategies, whether that is income, owner-occupation, redevelopment or assembling a larger CBD holding," Mr Macadam said.
"Each property has its own story, while their locations provide exposure to parts of Newcastle that are continuing to evolve."
Mr Rutledge said investors were increasingly looking beyond capital cities towards markets that offered genuine growth fundamentals and diversified economic drivers.
"These assets provide exposure to some of Newcastle's most sought-after precincts, with the flexibility to acquire individually or as part of a broader city-shaping portfolio," he said.
Expressions of Interest for all three sites close on October 15.
