Iconic Panthers Newcastle is for sale – expressions of interest close 6 December
Media release - 25th October, 2013
Former Newcastle Workers Club up for grabs with big developers a likely target
The board of Panthers Group has decided to divest the leading sports and entertainment group of its current Panthers Newcastle premises, located on the corner of King and Union Streets, Newcastle West.
Panthers Group, which operates nine clubs in NSW and the Penrith Panthers NRL team, is considering the possibility of continuing on as an anchor tenant in a new development at the current site, or relocating the club to a new address.
According to Warren Wilson, CEO, Panthers Group, the decision to divest itself of the former Newcastle Workers Club will assist with the investment in a new facility and help retire debt.
The decision has also been taken following the sale of the nearby Cardiff Panthers, and the group is seeking Expressions of Interest (EOI) for the Newcastle premises, with the EOI set to close on 6 December, 2013.
Located on the majority of a city block, the property has four street frontages, and over 14,000 sqm of B3 Commercial Core Zoned land.
Selling agent, Steven Dick, Co-Principal of Raine & Horne Commercial Newcastle, confirms the iconic property comes with a 6:1 floor space ratio, which has the potential to yield a maximum building area in excess of 84,000 sqm for redevelopment.
“Panthers Newcastle has been purpose-built for club-style entertainment and has numerous bars, auditoriums, function rooms, underground and outdoor car parking, as well as office and commercial areas,” says Mr Dick.
“Panthers are keen to talk to operators, developers or hotel/apartment chains as they would entertain continuing in a new development.”
Angus Raine, CEO of Raine & Horne Commercial, says the major site should attract plenty of interest from the ‘big end of town’ developers, with the prospect of the Panthers Group taking on an anchor tenancy a major attraction.
For information reports and inspections, contact Steven Dick of Raine & Horne Commercial Newcastle on 0425 302 771 or 4915 3000, and/or Warren Wilson CEO of Panthers Group on 0412 071 991.
-ENDS-
For further media information contact:
Steven Dick, Director Raine & Horne Commercial Newcastle on 0425 302 771
Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400