Iris Capital lodges application for East End in Newcastle
Iris Capital lodged an application for its master-planned Newcastle residential development, East End.
The application comes following a lengthy consultation process with Newcastle Council.
The boutique residential development will have one, two and three bedroom apartments.
The master-planned development is part of the Newcastle rejuvenation project undertaken by the New South Wales Government.
It will feature a new multi-modal transport interchange, light rail and revitalisation of land in the heavy rail corridor, including housing, park, entertainment precincts and public spaces.
The project is the largest master-planned mixed-use sit in the city.
Iris Capital CEO Sam Arnaout says it is one of the most exciting times in Newcastle's rich history.
"The people of Newcastle have watched its CBD decay for several decades and we have a real opportunity to create a legacy for Novocastrians for generations to come," he said.
“The East End site is completely unique in its orientation and will be the showpiece of Newcastle’s continued rejuvenation,” he adds.
Mr Arnaout said the development respected the rigorous, tough and contested planning approval process that was undertaken on the Development Application masterplan.
“The Newcastle community and Council helped shape the development, and we respect the decisions that were made before Iris Capital purchased the site,” Mr Arnaout said
“We selected award-winning, international architects to deliver a world class design that respects the development approvals.”
Colliers International Director Dane Crawford is handling the marketing of the apartments.
East End is expected to attract a variety of buyers. Owner-occupiers will be drawn to the unique design concept and apartments on offer.
Many will be downsizers and empty nesters currently driving strong demand for good quality 3 bedroom apartments.
Iris Capital is also seeing interest from Sydneysiders continuing their journey north to make Newcastle home.
“The luxury market is currently under supplied in Newcastle and demand will continue to grow,” Arnaout says.
“The East End is a natural avenue for enjoying a world class lifestyle, where people can live, eat and play.”