Newcastle’s most expensive large-format penthouse apartment per square metre has been sold by PRDnationwide Newcastle and Lake Macquarie.
The three-bedroom apartment, which is part of Iris Capital’s East End development, has sold for just over $4.8 million.
At 234 square metres, this equates to $20,460 per internal square metre, making it the highest agent-initiated sale for a penthouse in Newcastle’s history.
The sale beats the previous record of $6 million for a penthouse within the same development which was sold by the developer, which equated to $17,000 per square metre.
PRDnationwide Newcastle and Lake Macquarie Managing Director Mark Kentwell said this is a promising sign for the local market.
“Whilst we have had had great demand from owner-occupiers from the greater Newcastle, Hunter and Port Stephens areas securing residences in East End, we have also seen substantial interest from Sydney,” Mr Kentwell said.
“We are seeing more and more Sydney owner-occupiers wanting to invest in the area and this sale sets a new benchmark which will have huge flow-on effects throughout the region where everyone – both investors and owner-occupiers – will reap the rewards.”
The apartment is part of stage one of Iris Capital’s EastEnd project which is an 11-storey development on the corner of Perkins and King Streets. It’s north facing with uninterrupted views of the harbour and includes four car spaces.
Listing agent Steve Macnamara said this was the highest apartment sale in his 17 years of inner-city project work and he was excited about whatit meant for the future of the CBD .
“Iris Capital are strong believers in retention of Newcastle’s history with these iconic buildings, and when finished this will have an inner city village atmosphere, Mr Macnamara said.
This first stage of four in the EastEnd development is going to include a commercial precinct on the ground floor, where Woolworths Metro will be the anchor tenant.
The 105-room QT Hotel is set to move into the previous David Jones site, which Mr Kentwall said will contribute even further to the revitalisation of this city.
