Hunter Development Site Sold for $5,225,000
A substantial development site at Nulkaba near Cessnock in the Hunter Valley region of New South Wales has been sold by Ray White Commercial for $5,225,000.
The approximately 80,816 sqm property at 6 Wine Country Drive and 16 Dover Street, Nulkaba, was sold by Kristian Morris of Ray White Commercial Inner West and Scott Timbrell of Ray White Commercial NSW.
The site was sold on behalf of Sydney-based property developer Neil Wallace.
Mr Wallace, the Managing Director of Evewall Pty Ltd, said he would not sell the site unless it was a major benefit to the local community.
“I am delighted that it’s going to be an exciting development for the Cessnock LGA and I am looking forward to seeing it developed. I am grateful to Kristian Morris and Ray White Commercial for the effort in selling the site.”
Kristian Morris said the site had development approval for 178 individual retirement villas, a community centre and recreation areas but the new owner has other plans for the property which are currently confidential.
“This property is located on the northern fringe of the city of Cessnock, which offers a variety of retail, cafes and eateries plus Coles, Woolworths and ALDI supermarkets,” he said.
Scott Timbrell said the newly built Hunter Expressway has significantly reduced travel time between Cessnock and Newcastle.
“The Nulkaba property benefits from both an established residential catchment area and also a high level of passing traffic continuing to the Hunter Valley wine country district,” he said.
“It is also close to aged care communities, numerous top quality golf courses, a plethora of famous wineries, clubs and restaurants as well as multiple hospitals and medical centres.”