This article is from the Australian Property Journal archive
IRIS Capital is set to fast-track the development of the final stages of its $1 billion Newcastle project, after securing $50 million in sales in just a month.
Construction of the $450 million stage three and four of the East End Village development in the Newcastle CBD are now anticipated to kick off by the end of 2023.
“Our team hit the ground running with the latest release of apartments which offer buyers the last chance to be a part of the most significant urban renewal development ever undertaken in Newcastle,” said Matt George, director at Urban Activation, which was appointed to oversee marketing and sales of the East End Village.
“Our team has been inundated with inquiries from buyers, most of them locals, as demand for inner-city living in Newcastle continues to firm in the current market. Buyers are looking for premium residences with urban amenities right at their doorstep.
Having acquired the site back in 2016, East End Village spans twelve new buildings across 4 blocks, including the now sold out first stage which comprises the historic Fabric House, Washington House, and Perkins & King buildings.
The first stage buildings have been transformed into a retail and multi-residential precinct centred on Lyrique Lane.
“The sales already achieved by our team support our longer-term view that Newcastle and the Hunter Valley are among the strongest residential property markets in Australia at the moment,” added George.
SJB, DBJ and Curious Practice won a design competition for the best achieved design excellence amongst their peers and will collaborate on the final two stages.
“The market response to our final release of apartments has been exceptional and we will begin construction as soon as final approvals have been granted,” said Sam Arnaout, managing director and CEO at Iris Capital.
“We entered the Newcastle market with confidence when we took on the East End Village development in 2016, and that confidence has never waned. The infrastructure spent over recent years to transform the city have made Newcastle CBD one of the most sought-after addresses for locals as well as buyers from Sydney.”
