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July 30, 2019

Media Release – Record sale for apartment in Newcastle

Newcastle’s most expensive large-format penthouse apartment per square metre has been sold by PRDnationwide Newcastle and Lake Macquarie.

The three-bedroom apartment which is part of Iris Capital’s EastEnd development has sold for just over $4.8 million. At 234 square metres, this equates to $20,460 per internal square metre. This makes it the highest agent-initiated sale for a penthouse in Newcastle’s history.

This sale beats the previous record of $6 million for a penthouse within the same development which was sold by the developer which equated to $17,000 per square metre

Managing Director of PRDnationwide Newcastle and Lake Macquarie Mark Kentwell says this is a promising sign for the local market.

“Whilst we have had had great demand from owner-occupiers from the greater Newcastle, Hunter and Port Stephens areas securing residences in East End, we have seen substantial interest from Sydney,” Mr Kentwell said.

“We are seeing more and more Sydney owner-occupiers wanting to invest in the area and this sale sets a new benchmark which will have huge flow-on effects throughout the region where everyone – both investors and owner-occupiers and investors will reap the rewards,” he added.

The apartment is part of stage one of Iris Capital’s EastEnd project which is an 11 storey development on the corner of Perkins and King Streets. It’s north facing with uninterrupted views of the harbour and includes four car spaces.

“This is the highest apartment sale in my seventeen years of inner-city project work and I am so excited about what this means for the future of the CBD,” said listing agent Steve Macnamara.

“Iris Capital are strong believers in retention of Newcastle’s history with these iconic buildings and when finished this will have an inner city village atmosphere.”

This first stage of four in the EastEnd development is going to include a commercial precinct on the ground floor.

“Woolworths Metro will be the anchor tenant. We will also see the 105-room QT Hotel moving into the previous David Jones site which is going to contribute even further to the revitalisation of this city,” Mr Kentwell said.

Sales have now opened for the next stage of the EastEnd development which includes Lyrique, Soul and The King Terraces. DA-approved and located at the site of Newcastle’s Lyrique theatre, this stage will include apartments in the block bordered by Hunter, King, Wolfe and Thorn streets. The display centre is housed on the ground floor of the former David Jones building on the corner of Perkins and Hunter Street.

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