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Listed by RE/MAX Infinity Realty Inc. - Sheraton Hotel
$399,900
Est. payment /mo
3,136 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 3,136 sqft
Price per Sqft $127
MLS Listing ID 1297894
Annual Tax Amount $6,995
Tax Year 2026
Lot Dimensions 72x49x75x49x150
Source NLAR
Property Description
For Sale at $399,900 or for lease at $5500 POU. Ideal owner-operator restaurant opportunity in the center of St. John's. Operating as the well-known New City Restaurant, this high-visibility property successfully served the community for more than 25 years and offers outstanding potential for a wide range of future uses. Ideally located just moments from downtown, Ropewalk Lane, Memorial University, the Avalon Mall, major amenities, and key transportation routes, this property combines convenience, exposure, and long-term upside in one strategic location.
The longstanding restaurant operation may support future discretionary commercial use opportunities subject to City approvals, while the existing layout and history provide an excellent foundation for a purchaser looking to bring new life and vision to the space.
Currently zoned R2, the property also presents significant redevelopment and residential intensification potential. The building includes a spacious 6-bedroom apartment, creating additional income potential for investors or flexibility for owner occupancy, staff accommodations, or future redevelopment concepts.
Whether you're an entrepreneur, investor, restaurateur, or developer, this property offers exceptional value and upside potential in a rapidly evolving area of the city. The property is being offered in its current condition and presents an excellent opportunity for purchasers looking to renovate, reposition, or customize the property to suit their vision.
Rarely do opportunities with this combination of location, history, zoning flexibility, and future potential become available. Note - basement not included in total square footage. Please see the 3d tour.
The longstanding restaurant operation may support future discretionary commercial use opportunities subject to City approvals, while the existing layout and history provide an excellent foundation for a purchaser looking to bring new life and vision to the space.
Currently zoned R2, the property also presents significant redevelopment and residential intensification potential. The building includes a spacious 6-bedroom apartment, creating additional income potential for investors or flexibility for owner occupancy, staff accommodations, or future redevelopment concepts.
Whether you're an entrepreneur, investor, restaurateur, or developer, this property offers exceptional value and upside potential in a rapidly evolving area of the city. The property is being offered in its current condition and presents an excellent opportunity for purchasers looking to renovate, reposition, or customize the property to suit their vision.
Rarely do opportunities with this combination of location, history, zoning flexibility, and future potential become available. Note - basement not included in total square footage. Please see the 3d tour.
Location
Province NL
Zoning Res / Comm
Interior
Heating Baseboard, Electric
Cooling Baseboard, Electric
Equipment Propane Tank
Exterior
Utilities Available Municipal Water, Sewer
Others
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