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PO Box 1089 Newcastle, NSW 2300
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Newcastle, NSW 2300
PO Box 1089 Newcastle, NSW 2300
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January 24, 2020

Media Release – Another Record Apartment Sale For Newcastle

The year 2020 has kicked off with a real estate record again being broken in Newcastle with the most expensive large-format penthouse per square metre being sold by PRD Newcastle and Lake Macquarie.

The three-bedroom apartment, part of Iris Capital’s EastEnd development has just sold for $3.28 million. At 155 square metres, this equates to $21,161 per internal square metre. The sale beats last year’s record from a $4.8 million sale in the same development which equated to $20,640 per internal square metre. Both properties have been sold by Steve Macnamara from PRD Newcastle and Lake Macquarie.

The 7th floor apartment is part of the ‘Soul’ building in stage 2 of the EastEnd development where construction has only just begun. The property features a private garden terrace and stunning harbour views with 26 metres of direct North-facing frontage.

The buyers are local Merewether clients who will move in and take advantage of what will become an East End village atmosphere.

“It’s right here we will see the QT five star hotel, Woolworths metro, a level walk to three iconic Newcastle beaches, market lawn, light rail, high end retail, Victoria way weaving throughout stages one and two housing plus an abundance of restaurants and cafes,” said senior agent for PRD Newcastle New Projects Steve Macnamara.

“This sale confirms that off the plan sales have turned a corner, and buyer confidence is returning to the high end of the market where quality and location is at the top of the buyers list” said Sam Arnaout, CEO of Iris Capital.

“It’s a vote of confidence in the product that Iris Capital is delivering, and in the larger revitalisation of the East End village that includes A grade tenants Woolworths Metro and boutique hotel operator QT who have both signed up to be part of the vision.”

Managing Director of PRD Mark Kentwell said 90% of the sales so far for the EastEnd development have been made up of owner-occupiers.

“There is huge confidence in this master planned development and it just goes to show when superior architecture, building finishes and facilities are present in a location like this, buyers are prepared to pay for quality,” said Mr Kentwell.

The East End display centre is housed on the ground floor of the former David Jones building on the corner of Perkins and Hunter Street.

For media interviews phone: Mark Kentwell on 0402 901 044 or Steve Macnamara on 0418 692 642

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