As Iris Capital's $750 million East End development reached a milestone moment on Thursday with the topping out of stage one, a record-breaking deal came with the $5.45 million sale of a penthouse overlooking Newcastle beach.
"Significant" was the word Iris Capital chief executive Sam Arnaout used to described the occasion as he stood atop Washington House, one of four buildings comprising stage one of the four-stage East End redevelopment along the Hunter Street Mall.
The moment came almost three years after he unveiled plans for a development he declared at the time would deliver a unique product to "position the East End on the world stage".
"The stage one journey has been a long one but it has been very rewarding at the same time, watching the vision come to life," Mr Arnaout said.
"I'm looking forward to the next six months when we can start looking at completing the final finishes on the building and bringing it to the residents and to the community."
Stage one features 210 apartments across three buildings known as Washington House, Perkins & King and Fabric House. The fourth will take shape as a five-star QT hotel with 104 rooms and rooftop bar in the former David Jones building.
Newcastle lord mayor Nuatali Nelmes said East End played an important role in creating construction jobs for the city as well as reactivating it to be enjoyed by generations of Novocastrians to come.
"There have been calls for a very long time for investment and change to bring people back into the city," councillor Nelmes said.
"The investment that happened on this site was a catalyst to unlock $2 billion worth of investment along Hunter Street in the last five years."
East End set a city apartment record in November 2017 when $6 million was paid for the off-the-plan purchase of the entire top floor of Washington House.
On Thursday, PRD Newcastle and Lake Macquarie reported Newcastle's highest penthouse sale for an apartment in an existing building.
PRD's Mark Kentwell, Jesse Wilton and Natalie Tonks sold the three-bedroom, three-bathroom penthouse on the top floor of The York apartments overlooking Newcastle beach for $5.45 million within less than one month on the open market.
The penthouse had 270-degree panoramic views and last sold in 2012 for $2.43 million but had underdone an extensive refurbishment since then.
Dr Peter Spittaler and his wife Simone Le Mesurier, who own Hunter Neurosurgery and Hunter Allied Care, have purchased the property.
"This sale is significant for Newcastle and the Hunter as it shows how robust the city is during times of economic uncertainty," Mr Kentwell said.
IN THE NEWS: