Off-the-plan sale in East End development Newcastle's biggest per square metre

PRDnationwide Newcastle and Lake Macquarie's Steve Macnamara negotiated the off-the-plan sale to a buyer who wished to remain anonymous and said CoreLogic data showed it to be a record price for size.

"This is the highest apartment sale in my seventeen years of inner-city project work and I am so excited about what this means for the future of the CBD," Mr Macnamara said.

The north-facing apartment with uninterrupted harbour views and four car spaces is part of East End's stage one. It will be in an 11-storey building on the corner of Perkins and King streets.

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At 234 square metres, the sale equates to $20,460 per internal square metre. The price is also the second-highest for an apartment in Newcastle.

A city apartment record of $6 million was paid for a penthouse within stage one of East End when it was launched in 2017. It was 340 square metres in total, equating to $17,647 per square metre, and will comprise the entire top level of the Washington House building on Hunter Street. Its sale surpassed the previous record purchase for an apartment in Newcastle of $4.495 million in 2008.

PRDnationwide's managing director Mark Kentwell said the latest sale was promising for Newcastle's real estate 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 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."

Construction is underway on stage one and sales have opened for stage two, which has Development Application approval.