A PROPERTY at Bar Beach with DA-approved plans for a luxury Mediterranean-inspired duplex is set to hit the market this week.
The art deco home at 2 Bar Beach Avenue is listed with Natalie Tonks from Presence Real Estate.
A price guide was yet to be determined, however, the location of the home is arguably one of the best in Bar Beach, with the 574 square metre corner block on Memorial Drive taking in panoramic ocean views.
"The location is unbeatable," Ms Tonks said.
"The view is uninterrupted and will never be built out."
The property is expected to fetch a significant sum, with homes along the beachfront pocket pulling in a string of huge sales in recent years.
A modern home at 96 Memorial Drive sold for $6.9 million in 2022; the house at 92 Memorial Drive sold for $6.85 million in 2022 and 80 Memorial Drive sold for $5.8 million in 2022.
Ms Tonks recently sold another home on Bar Beach Avenue for $4.375 million, however, that property was at The Junction end of the street and did not have a water view.
Bar Beach is the most expensive suburb in Newcastle with median house value of $2.12 million, according to CoreLogic.
Ms Tonks said the 1960s home could be improved with an extensive renovation.
Alternatively, the house could be demolished and rebuilt into a luxury beachside home.
"The house could be renovated but if the buyer wanted the property to reach its full potential, we have the approved rebuild plans ready to go," she said.
The property has two sets of DA-approved plans, including a Mediterranean-inspired rebuild by Derive Architecture and Design with two four-bedroom, two-bathroom homes with a double garage and a lift connecting the floors.
A second set of plans from Newcastle design firm Craggspace includes DA approval for a six-bedroom home with a four-car garage.
The original five-bedroom, three-bathroom home was built in the 1960s and is split across two levels, with the kitchen and dining area taking in expansive water views through a series of windows that run along the front of the house.
The ground level also has a lounge room and a separate living area with a bar and natural light flooding in through a large skylight.
There are four bedrooms downstairs, along with the original retro bathroom and laundry.
Upstairs is the master bedroom with a walk-in robe and ensuite, with the bedroom window providing the perfect vantage point across Bar Beach.
The property is open for inspection on October 28 at 1pm.
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