Penthouse apartment overlooking Newcastle Beach fetches record price

The sale price of the three-bedroom penthouse on the 16th floor in The Royal Apartments at 42/7 King Street was undisclosed.

However, listing agent Anthony Merlo from Colliers Residential Newcastle said the result topped the previous record of $8.3 million paid for an existing apartment in Newcastle.

That record was set in September last year after a buyer from Sydney splashed $8.3 million on a penthouse apartment at 801/1 Scott Street in Newcastle East.

The Newcastle-based buyer won't have to move too far.

According to Mr Merlo, the new owner lives in the sub penthouse apartment directly underneath the top floor penthouse.

"Several buyers were shown the property last week, one being the sub penthouse owner directly below," Mr Merlo said.

"It was the only property they would have ever contemplated buying, as they dearly adored their current northeast facing sub penthouse but the opportunity to gain more space for their growing family could not be passed up."

With the sale secured, Mr Merlo is set to take the buyer's apartment at 40/7 King Street to the market.

The property will be listed for sale by auction with a guide of $3.9 million.

Mr Merlo said three-bedroom, two-bedroom apartment offered "magnificent" views not dissimilar from the penthouse above.

He believed the apartment would also receive strong interest from buyers and is available for viewing by appointment this weekend.

Mr Merlo had anticipated the top floor penthouse apartment could set a benchmark record price for an existing apartment in Newcastle.

He was set to list the property with a guide of $7.25 million.

Ahead of the sale, Mr Merlo said the property epitomised penthouse living and was the best located apartment on the market in Newcastle.

"It delivers true meaning in what a penthouse can and should deliver," Mr Merlo told the Newcastle Herald last week.

"With direct lift access and uninterrupted views of the coast as far as the eye can see, our beautiful working harbour, city and mountains beyond, it is truly breathtaking to be immersed in this property."

Occupying the whole top floor in the northeast wing of the McCaffrey building in The Royal Apartments, the penthouse takes in views across Newcastle Beach, Nobbys, Newcastle Harbour and all the way toward Port Stephens as well as the city and Christ Church Cathedral.

It was the first time the property had been listed for sale since it was bought off the plan in 2007 for $4.495 million, according to CoreLogic records.

The penthouse apartment is in one of three buildings in the Landcom and Mirvac development which was commissioned in 2010 and built on the former Royal Newcastle Hospital site.

The expansive floorplan occupies around 326 square metres of combined living area, all weather covered alfresco entertaining area and balcony space.

There are three bedrooms with walk-in robes, including the master with an oversized ensuite with a bath, and an additional two bathrooms.

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