Developer Iris Capital has just officially lodged the Development Application for its masterplanned Newcastle residential development, East End, following a consultation process with Newcastle Council.
East End will be released over various stages with a number of one, two and three bedroom apartments available.
The development represents part of the Newcastle rejuvenation project undertaken by the NSW Government, featuring a new multi-modal transport interchange, light rail and revitalisation of land in the heavy rail corridor, including housing, parks, entertainment precincts and public spaces.
Comprising small boutique shops, cafes amenities and apartments, the project will be the largest master-planned mixed-use site in the city, reinvigorating Newcastle’s East End by covering four city blocks and hinting at the potential of significant private investment boost.
“The East End site is completely unique in its orientation and will be the showpiece of Newcastle’s continued rejuvenation,” Iris Capital CEO Sam Arnaout said.
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, who will manage sales for the development, said he was extremely excited to be part of what will stand as a significant moment in Newcastle’s history.
“With careful planning the East End project will create an ecosystem of activity that will formulate an everlasting community," Mr Crawford said.
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 the downsizers and empty nesters currently driving strong demand for good quality 3 bedroom apartments.
Given the affordability of the project, it is expected there also will be significant interest from young professionals and first homebuyers who are waiting to take advantage of the long awaited revival of the east end precinct.
Mr Crawford predicted the balance will be made up with investors looking to capitalise on Newcastle’s rapid increase in desirability.
“The luxury market is currently under supplied in Newcastle and demand will continue to grow," he said.