Former Newcastle Lord Mayor Jeff McCloy takes property loss on The Hill

The historic inner-city abode of former Newcastle Lord Mayor Jeff McCloy and wife Tracey has been sold for $2 million, having sought offers last month over $2 million.

The McCloys had it listed through PRD Nationwide Newcastle agent Mark Kentwell.

The five bedroom residence at 122 Church Street, The Hill cost $2.4 million in early 2008.

The move follows Jeff’s resignation as Lord Mayor in August.

“Now that Jeff is no longer serving as Mayor, the couple has no need for such a significant inner-city residence,” Mark Kentwell said during its marketing.

The Belmont-based McCloys purchased the 1880s property, known as Egmont House, as a second home in 2008, then engaging Suters Architects and Graph Building in 2009 to renovation the property which has water views.

It was built in 1880 for Harbour Master Captain David Joseph Williams.

The marketing material says the "tri-level residence melds historic charm with modern sophistication."

It comes with a lift, gym and home office and also has a semi-self contained section suitable for a live in nanny.

The property was offered to the market earlier this year with Walkom Real Estate seeking offers between $2.6 million and $3 million, but was withdrawn until the latest marketing campaign.