Iris Capital secure $50m sales blitz in a month for final Newcastle East End stages
Sam Arnaout’s Iris Capital is set to fast-track development of the final stages of its $1 billion East End Village in Newcastle after securing $50 million in sales just a month into their launch.
The rich lister is aiming to start construction of stages three and four of the transformational development by the end of this year following the massive sales run that has been led by local buyers.
“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 Arnaout.
Render of the final East End stage in Newcastle
“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.”
Project marketers Urban Activation, led by Matt George, was appointed in early March to oversee marketing and sales of the East End Village with the team for the $450 million final stages.
“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,” George said.
“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.
“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.”
Render of the Newcastle project East End.
Iris Capital’s vision for East End Village spans twelve new buildings over four blocks in the Newcastle CBD, including the sold out first stage comprising the historic Fabric House, Washington House, and Perkins & King buildings which have been transformed into a retail and multi-residential precinct that is centred on the open space of Lyrique Lane.
The final two stages are a collaboration between three architectural firms, SJB, DBJ and Curious Practice, all of which won a design competition for the best achieved design excellence amongst their peers.
One-bedroom residences in the final stages of East End Village are priced from $750,000, while two-bedroom offerings are priced from $1.15 million and three-bedrooms from $2.75 million.