The first residents in Iris Capital's huge EastEnd apartment complex will move in next month, a milestone moment for what civic leaders hope will be a transformative redevelopment.
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The 212 apartments in stage one of the complex are complete as work continues on the adjoining QT Hotel in the former David Jones department store in the Hunter Street Mall.
Site works have started on stage two of the project to the east of Wolfe Street.
The new units in stage one are spread over three distinct buildings surrounding a paved public plaza, suspended artworks and a ground-floor supermarket.
The redevelopment has won praise from the city's leaders for its above-average architecture, which has earned the project $600,000 price tags for one-bedroom apartments, rising to well beyond $2 million for three-bedroom units on the upper floors.
One well heeled buyer paid $6 million for the entire top floor of the Washington House building fronting the Mall and overlooking the harbour.
The Newcastle Herald toured the new buildings on Friday, three weeks before the first owners take up residence.
The upper apartments offer striking views of the water and south-east to Christ Church Cathedral. The hotel will include a roof-top bar and ground-level sports bar opening onto a laneway off Perkins Street.
Civic leaders hope the three-stage redevelopment, which will eventually bring in 2000 residents, will be a catalyst for invigorating the eastern section of the inner-city.
Iris is negotiating with City of Newcastle over the future of the council-owned King Street car park, which sits in the middle of the Iris land parcel.
The council has submitted a development application to demolish the car park to make way for its revived "stairway to heaven" plan, wide steps linking the harbour with the cathedral.
Iris has submitted a proposal to buy the land and incorporate public parking into a building on the site.
It is also keen on acquiring the largely disused Telstra exchange building on the corner of King and Wolfe streets, the only section of the block it does not own.
Retail developer and manager GPT, which owns Charlestown Square, unveiled redevelopment plans for a 1.66-hectare site beside the mall in 2007, but the project stalled.
The NSW government bought part of the 1.66-hectare GPT site in 2012, then Iris bought the entire site in 2016. David Jones exited the CBD 10 years ago.
Iris chief executive Sam Arnaout has meanwhile broadened his hospitality interests in the Hunter, buying up the Sydney Junction Hotel in Hamilton, Gunyah Hotel in Belmont, Argenton Hotel, Peden Hotel in Cessnock, Hotel Elermore, Edgeworth Tavern and the Dalwood Estate and Hungerford Hill wineries.
Two weeks ago he bought Rafferty's Resort on 15 hectares of waterfront land at Cams Wharf on the eastern side of Lake Macquarie.
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