THREE neighbouring properties in Kotara are being sold in one line as a potential residential development site on the back of new planning policies implemented by the NSW Government.
The amalgamated properties at 12, 14 and 16 Seaview Street are for sale by expressions of interest with Colliers.
Colliers Newcastle director Peter Macadam is marketing the property alongside Sydney-based Colliers agent, Guy Brady, with price expectations of $5 million.
With an asking price of $5 million, the move to collectively sell off the three properties could prove lucrative and, if split evenly, deliver each seller around $1.66 million.
According to CoreLogic, the median house price in Kotara is $963,000.
CoreLogic records show the three-bedroom brick house at 12 Seaview Street was purchased in 2011 for $480,000.
The neighbouring property at 14 Seaview Street is a four-bedroom, two-bathroom home last sold in 2012 for $530,000.
The two-bedroom, one-bathroom house at 16 Seaview Street transacted in April for $880,000.
The properties cover a combined total area of 2403 square metres and the site has been amalgamated by a third party, according to Mr Macadam.
Positioned 200 metres from Kotara Station, it is the first transport-oriented development site offered to the market in Newcastle following the state government's planning reforms around 37 train stations in NSW.
The Transport Orientated Development (TOD) policy allows multi-storey apartment buildings with a maximum height of 22 metres to be built on rezoned land within 400 metres around nine train stations across Newcastle and Lake Macquarie.
Newcastle Interchange, Hamilton, Adamstown, Cardiff, Teralba, Booragul and Morisset are also included in the policy.
It will take effect in Cockle Creek from April 2025.
"This is the first site offered in the Newcastle market since the Transport Orientated Development State Environmental Planning Policy (SEPP) was implemented," Mr Macadam said.
"The SEPP was introduced to address the well-publicised housing crisis and this site provides the opportunity to have more housing only 200 metres from the Kotara train station."
Mr Macadam said the site is ideal for a residential apartment development, with the option to lease the existing dwellings as holding income.
A concept plan has been prepared indicating the potential for approximately 68 apartments.
"Proximity to the train station is one of many attributes," he said.
"The Kotara location offers easy proximity to an abundance of recreational areas, schools and shopping facilities."
Expressions of interest close on August 22.
