A $3.28 million sale in Iris Capital's East End development has set a new precedence for the city, becoming Newcastle's most expensive large-format penthouse to be sold per square metre.
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The off-the-plan sale by PRD Newcastle and Lake Macquarie was for a three-bedroom apartment, 155 square metres in size.
The sale equated to $21,161 per internal square metre and surpassed the previous record of $20,640 per internal square metre set last year with a $4.8 million sale in the same development.
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Both properties have been sold by Steve Macnamara, senior agent for PRD Newcastle New Projects.
The seventh floor apartment is part of the Soul building in stage two of the East End development, where construction has just begun. The property has a private garden terrace and stunning harbour views with 26 metres of direct north-facing frontage.
The buyers are Merewether clients, who plan to move in and take advantage of what Mr Macnamara said will become an East End village atmosphere.
"It's right here we will see the QT five star hotel, Woolworths metro, a level walk to three iconic Newcastle beaches, market lawn, light rail, high-end retail, Victoria Way weaving throughout stages one and two housing plus an abundance of restaurants and cafes," Mr Macnamara said.
Iris Capital chief executive Sam Arnout described the record result as "a vote of confidence" for the product being delivered and in the revitalisation of the East End village that includes A grade tenants Woolworths Metro and boutique hotel operator QT.
"This sale confirms that off-the-plan sales have turned a corner, and buyer confidence is returning to the high end of the market where quality and location is at the top of the buyers list," Mr Arnout said.
Managing Director of PRD Mark Kentwell said 90 per cent of buyers for the East End development have been owner-occupiers.
"There is huge confidence in this master planned development and it just goes to show when superior architecture, building finishes and facilities are present in a location like this, buyers are prepared to pay for quality," Mr Kentwell said.
Around six weeks after stage one of the East End went on sale in 2017, a penthouse was sold off the plan for $6 million to smash Newcastle's previous apartment price record by more than $1.5 million.
The residence will total 340 square metres, equating to $17,647 per square metre, and was the amalgamation of three apartments to comprise the entire top level of the Washington House complex on Hunter Street.
The East End display centre is on the ground floor of the former David Jones building on the corner of Perkins and Hunter Street.
