Newcastle to receive commercial property renewals
Some commercial property in the New South Wales city of Newcastle is set to receive work that will ...
Some commercial property in the New South Wales city of Newcastle is set to receive work that will turn it into value-adding real estate in 2012.
The six-storey CBC Bank building was constructed in 1921 by Kent and Massie Architects and has since been listed by the local council as iconic example of "a well detailed classical revival building".
Standing vacant for a period of time, the property has become the focus of an application to turn its ground floor into a cafe and restaurant.
The applicants have said that the $45,000 retrofit would bring an "obvious economic impact" to the surrounding retail environment - and is has the potential to help grow the commercial property market as well.
In the council submission, the potential restaurateurs said that their business would meet "the needs of the daily commuting workforce and increasing residential population".
On top of this, a commercial structure on Honeysuckle Drive may soon become the first - and only - brewing venue in Newcastle, producing and selling its own beer on-premise.
While there are a number of pubs and bars in the area, these new additions to the hospitality industry could help improve the prospects of other businesses in and around the region.