Iris Capital forges ahead with 500-unit Newcastle complex
Sydney hotel owner and developer Iris Capital is pushing ahead with its apartment project in Newcastle, lodging a development application last week after a consultation process with Newcastle Council.
The East End development will cover four city blocks by the Hunter Street mall, and will include one, two and three-bedroom apartments, as well as ground-level cafes and boutique retail.
The developer paid $39 million last year for the CBD site, which spans 1.66ha and could accommodate about 500 apartments.
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It purchased the parcel from the listed GPT Group and the state-owned UrbanGrowth NSW.
Iris says the design will protect the city’s heritage and significant view lines, adding that the project respects the rigorous planning approval process.
“We have a real opportunity to create a legacy for Novocastrians for generations to come,” Iris Capital chief executive Sam Arnaout says.
“The East End site is completely unique in its orientation and will be the showpiece of Newcastle’s continued rejuvenation.”
Sales for the project will be managed by Colliers International director Dane Crawford.
“I hope locally we can all get behind this and enjoy watching our magnificent CBD come alive — it will be well worth the wait,” Mr Crawford said.
“The luxury market is currently undersupplied in Newcastle and demand will continue to grow,” Arnaout says.
The median house price in Newcastle’s CBD surged to $975,000 last year, up 36% since 2012. Units in the suburb hit a median $570,500 last year, up 33% over the same period.
Despite the price rises, property by the beach and harbour in Newcastle is still significantly more affordable than in Sydney. Arnaout says the project is a “natural avenue for enjoying a world class lifestyle”.
This article originally appeared on www.theaustralian.com.au/property.
