The campaign to sell The Ronan generated 149 enquiries from developers, investors, and automotive occupiers, said Lachlan Worthington and Tim Fox from PropertyFox. The complex was ultimately snapped up by a local private investor.
Hot spot
Bustling Newcastle has become the hot spot for property rich listers and philanthropists alike, who are joining an investment conga line heading north.
Dr Jerry Schwartz of Schwartz Family Company, which will transform the Newcastle Post Office into a community hub with retail, hospitality and event spaces.Credit: Janie Barrett
They include billionaires Dr Jerry Schwartz and former banker-turned-art collector Simon Mordant.
Having been dormant for many years, the northern NSW capital is undergoing a resurgence with billions of dollars of capital pouring in as the population swells.
In the past week, the NSW government announced a $1 million heritage grant to help revive Newcastleโs grand old dame, the Newcastle Post Office.
After a protracted ownership history, Schwartz purchased the building in 2019 for $3.5 million through Colliers.
The second $1 million grant will turn Newcastleโs historic post office into Australiaโs first Aboriginal medical museum and a community hub.Credit: Alamy Stock Photo
Under the Schwartz Family Company, it will match the government funding dollar for dollar to transform the Newcastle Post Office into a community hub with retail, hospitality and event spaces.
The 1903 Federation-style building designed by Walter Liberty Vernon will include an adaptive reuse to create a miniature 1960s display of Newcastle, and Australiaโs first Aboriginal medical museum.
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Schwartz said he bought the Newcastle Post Office โbecause of my deep connections to the city and the desire to revitalise an iconic heritage building that means so much to local residentsโ.
Meanwhile, Mordant, who made his mark as an investment banker on high-profile mergers and acquisitions and now lives in Italy with his wife Catriona, will pass on 25 works from the coupleโs private collection to the Newcastle Art Gallery when it reopens in September after an extensive expansion.
The donation includes works on paper by Ngarrindjeri artist Ian Abdulla, a collage of digital print and oil by John Young and sculptures by Novocastrian artist Jamie North.
The Duke changes hands
Pub baron John Azar has extended his footprint in the booming sector, paying $25 million for the popular Duke of Dural pub in Sydneyโs west.
The pub was sold by Momento Hospitality, which is owned and operated by the Colosimo family, who built the Duke from the ground up during the global pandemic and opened it in November 2020.
Pub baron John Azar has purchased the popular Duke of Dural.Credit: Handout image
Momento will use the cash to focus on its other assets including the newly opened Oran Park Hotel.
Sitting on 2700 square metres within the Dural Town Centre in The Hills district, the Duke pub generates more than $150,000 in weekly sales across food, beverage, and pokie machines.
Azarโs stable includes the Hotel Coronation, Keg & Brew Hotel in Surry Hills, and the Edinburgh Castle Hotel. He recently sold the Union Hotel in North Sydney to fellow pub investor Ashton Waugh. JLL Hotelsโ Ben McDonald and John Musca managed the Dural deal.
Sheds sell
Stockland has struck a deal to sell four institutional-grade logistics sheds in two of Australiaโs most tightly held industrial markets to Cadence Property Group for $170.5 million.
The portfolio in Melbourne and Sydney has a total site area of about 159,000 sq m and lease space of about 78,000 sq m.
Colliers team of Gavin Bishop, Sean Thomson, Trent Gallagher, Michael Crombie and Daniel Telling, in conjunction with the JLL team of Ben Hegerty, Joel Scully and Jack Kelliher, advised on the deal.
Contact carolynannecummins@gmail.com
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