The owners of the high-profile Spotlight site in Newcastle West have put the land on the market two weeks after securing development approval for two high-rise apartment towers.
Property agents Colliers and JLL Sydney have listed the 0.47-hectare site at 711 Hunter Street for sale with development approval in place for two 26-storey buildings facing National Park Street.
Rising interest rates and high construction costs are putting pressure on development projects across Australia.
But Colliers agent Peter Macadam said interest in the project had been strong.
"The strength of the Newcastle market is widely acknowledged, and given that development consent has been obtained for a stageable project in a premium location there has been over 100 enquiries from national and local development companies," he said.
Fellow agent Ed Crawford said the market had responded well in the past to "architectural design of apartment projects within the CBD".
The "West Village" proposal, a joint venture between Spotlight Property Group and St Hilliers, includes 257 apartments, retail and commercial spaces and an open-air bar.
"The 90m height combined with a considered tower placement and orientation ensures panoramic water and district views from most apartments, whilst creating a landmark addition to Newcastle," the advertising blurb for the site says.
The developers said after securing planning approval on October 3 that the West Village project would become a "thriving mecca of culture, creativity, entertainment and convenience".
They declined to comment on Monday about why they had put the site up for sale.
The plans include a plaza fronting National Park Street featuring a public art precinct and a connection to the Drill Hall Gallery and Birdwood Park.
The developers asked for a midnight closing time for the bar, but approval authority the Hunter Central Coast Regional Planning Panel restricted the venue's hours to 10pm.
The redevelopment is across the road from GWH's One Apartments under construction and covers the former Spotlight and Anaconda retail sites and the multi-storey Spotlight car park.
If built, the 90-metre buildings would be the tallest structures east of Stewart Avenue.
Meanwhile, the regional planning panel has approved the $50 million Watervue apartment tower on the former Empire Hotel site at 643 Hunter Street.
The 20-storey building includes 106 apartments.
The Empire Hotel was substantially damaged in a fire in 2003 and was knocked down 12 years ago.
Several affordable housing projects were planned for the prominent corner over the years.
The previous proposal for the site, the 15-storey Onyx apartments, was abandoned by Miller Property Group in 2019 due to slow sales.
