The luxury residential project on the shores of Lake Macquarie will comprise 37 "world-class" apartments to be built on the former Hirecraft Marine site at Toronto. It was a tightly held property for more than 60 years.

Stevens Group are developing the "unique" project, which was designed by EJE Architecture, and managing director John Stevens was in attendance with a number of apartment purchasers and representatives from construction company Richard Crookes Construction to turn the first sod of earth.

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"Designed specifically for owner-occupiers and downsizers, these spacious apartments offer breathtakingly intimate water views, with the comfort and convenience of level access and private parking," Mr Stevens said.

"We launched the project in October last year to an exclusive VIP event, where 20 apartments worth over $24 million were sold in one night. Purchasers immediately recognised the quality of the apartments, with six of them selling in excess of $2 million."

Over $33 million of sales have been achieved with 24 apartments sold.

Foreshore is being marketed by Jason Maxwell, of Raine & Horne Newcastle, and Paul Avery, of Avery Property Professionals.

The development will comprise one, two and three-bedroom residences and feature its own marina with buyers having the option of also leasing a marina berth. Prices range from $695,000 to $1.95 million for the remaining apartments.

Mr Maxwell said sales "have been right through the development".

Of 14 absolute waterfront apartments in the complex, 10 have been sold.

"The development has proven popular with a lot of owner-occupiers between Lake Macquarie, Newcastle, Hunter Valley and the Central Coast," Mr Maxwell said.

"Stevens Group are trying to develop something special, of high quality, and it has certainly set a new price precedence for the western side of the lake.

"Nothing has been delivered on the western side of the lake in this position in my time in real estate and having the marina and the potential to lease a marina berth is something special for buyers as well."