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July 30, 2020

Media Release – PRD breaks the ceiling on city sales record

PRD Newcastle and Lake Macquarie has sold The York Penthouse in a record-breaking deal of $5.45 million – the highest penthouse sale in Newcastle for an existing building.

Mark Kentwell, Jesse Wilton and Natalie Tonks have been successful in selling the exquisite penthouse to local buyers, Dr Peter Spittaler and his wife Simone Le Mesurier who own Hunter Neurosurgery and Hunter Allied Care.

The luxurious three-bedroom, three- bathroom residence on the top floor of The York apartments overlooking Newcastle beach sold in less than a month on the open market and drew interest from several Sydney buyers.

Founding Director Mark Kentwell said that elite apartments like The York don’t come up very often and that astute buyers, Dr Peter Spittaler and his wife Simone Le Mesurier have purchased a very exceptional and sought-after property.

“This sale is significant for Newcastle and the Hunter as it shows how robust the city is during times of economic uncertainty,” said Mr Kentwell.

“Properties like this are very rare and I urge buyers not to hesitate due to the specific consumer sentiment of the current time when considering a purchase in the premium end of the market like this,”

“I totally acknowledge that there is uncertainty on a macro- economic level at the moment, but buyers need to consider whether they think that will improve over the next 10-15 years, as that’s how long it may be before another comparable opportunity comes up. Even if it is sooner than 10-15 years, the buyers we deal with shouldn’t need to wait for a softer market to purchase in, as they are usually financially insulated from market fluctuations anyway,”

“I encourage our premium buyers to be more focused on being the winning buyer and securing the property of their brief. Of course, not every buyer is aligned with that philosophy, but the ones that are have been very happy to end up with their ideal home for years to come,” he added.

Mr Kentwell said the two-phase campaign for the property brought the right buyers to the table at the right time with all interested parties viewing the property via private appointments, in line with Covid-19 safety measures.

The remarkable penthouse with 270-degree panoramic views sold prior to Auction using the Friendly Auction System. It was last sold in 2012 for $2.43 million and is reported to have had an estimated $750,000 worth of customisations made in that time that transformed the look, feel and amenity of the apartment. The sale is second to the penthouse (amalgamation of three apartments) in the East End development that sold off the plan in November 2017 for $ 6 million, which is still under construction. In the same development, Newcastle’s most expensive large-format penthouse apartment per square metre, a three-bedroom apartment, sold for just over $4.8 million, also by PRD Newcastle and Lake Macquarie.

The York sale has now smashed the previous record for existing apartments, none of which had exceeded $4 million (Source RP data).

For media enquiries please phone Mark Kentwell on 0402 901 044

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