$50m sales blitz fast-tracks Newcastle development as buyers snatch up apartments
Development on the East End Village began in 2016.
Billionaire developer Sam Arnaout has received approval to fast-track plans for one of the largest apartment development projects undertaken in Newcastle’s history.
The 46-year-old’s company Iris Capital will develop the final stages of the $1bn project, selling apartments via real estate agency Urban Activation.
The agency secured $50m in sales after a month into the project’s launch, with stages 3 and 4 offering the last chance for buyers to get their foot into the development.
The East End Village project secured $50m in sales during the project’s opening month.
Local buyers have purchased a number of the residences, which include a mixture of one, two, and three bedroom apartments.
Prices in the East End Village start from $750,000 for one bedroom, $1.15m for two bedrooms, and $2.75m for three bedrooms.
Urban Activation was appointed in March to oversee sales of the precinct, with $450m allocated towards the final stages.
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Construction on the development is expected to commence later this year.
“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,” Urban Activation director Matt George said.
There are a mixture of one, two, and three bedroom apartments available.
“We’ve 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.”
Prices for the apartments range from $750,000 to $2.75m.
Mr Arnaout became known for buying and selling pubs and hotels over two decades, most notably purchasing the Steyne Hotel in Manly for circa $65m in 2019.
His company is also transforming the Niecon Plaza on the Gold Coast to the tune of $800m.
The East End Village project will include 12 new buildings spanning four blocks in the Newcastle CBD, with a number of buildings being transformed into a retail and multi-residential precinct.
The project will include 12 new buildings spanning four blocks in Newcastle’s CBD.
Mr Arnaout said the Newcastle and Hunter Valley regions were considered the strongest markets in the country.
“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.
“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.”
