A penthouse in the new East End development has been sold for $6 million, smashing Newcastle’s previous apartment price record by more than $1.5 million.
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Developer Iris Capital has confirmed the sale of the luxury apartment, off the plan, to an Australian owner-occupier who does not wish to be named.
The residence will be 340 square metres in total, equating to $17,647 per square metre, and was the amalgamation of three apartments to form a super penthouse comprising the entire top level of the Washington House complex on Hunter Street.
The apartment will have 360-degree views, taking in Nobbys headland, Newcastle Harbour and Christ Church Cathedral.
The previous record purchase for an apartment in Newcastle was $4.495 million, according to Australian Property Monitors data.
That was paid by a Newcastle businessman in 2008 for a three-bedroom penthouse on the 16th floor of the The Royal’s McCaffrey Wing, also bought off the plan.
The record comes a week after Iris Capital announced an interstate buyer had paid $2.7 million for a three-bedroom penthouse apartment in the building on the corner of King and Perkins streets.
The first stage of the East End development comprises three residential buildings and a total of 212 apartments.
The first two buildings – Washington House and King and Perkins – went on sale on September 16. The third, Fabric House, was fast-tracked to market on October 14 due to what Colliers International director Dane Crawford described as an “unprecedented” response to the development.
Several other residences in stage one have sold for more than $2 million and only 80 apartments remain.
Mr Crawford said the East End development had attracted significant interest from Sydney buyers looking to relocate to Newcastle.
“Sydney buyers are drawn to this development for various reasons, but the deciding factor is lifestyle and price point,” Mr Crawford said in a written statement.
“In comparison to the Sydney market, buying in Newcastle is extremely affordable and these apartments have views of the harbour and are walking distance to the beach.”
As Iris Capital chief executive Sam Arnaout unveiled the first stage of the $750 million redevelopment of Newcastle’s Hunter Street mall in September, he told the Newcastle Herald he was delivering a product to “position the East End on the world stage”.
The new apartment record comes after it was reported in the Herald last week that Doma Group’s harbourside development Lume had sold out in five days.
