Sam Arnout's Iris Capital has been given the green light to complete the final phase of its landmark Newcastle city centre development, East End.

Iris Capital's involvement in Newcastle started way back in 2016 when it acquired the Hunter Street Mall, a prime 1.66-hectare street site in the heart of the city. Their involvement in Newcastle goes so far back, the developer was even known by a different name (Iris Group).

Now Iris Capital, the owner of a multi-billion dollar hospitality portfolio across the country and the developer of two landmark projects in the Gold Coast including the $800 million Victoria &amp; Albert in Broadbeach, is soon to complete its ambitious precinct that has truly changed the face of Newcastle.

[smartcode_project:default project_id=107744 project_image_fid=211154]

The $1 billion East End masterplan is already well established, with several apartment buildings and retail and commercial spaces delivered in the first two stages, perfectly positioned just minutes from the Crown Street Light Rail Station and 200m from Newcastle Beach.

The final stages will include more boutique retail outlets, dining experiences, green public spaces, and modern one, two, three and four-bedroom apartments designed by SJB Architects.

[smartcode_project:default project_id=107744 project_image_fid=216984]

“We are thrilled to have received approval to move forward with the next stage of <a href="https://www.urban.com.au/new-apartments/east-end-newcastle-143-hunter-street-newcastle">East End Newcastle</a>,” said Sam Arnout, CEO of Iris Capital.

“This development is a testament to our commitment to creating a connected, lively, and sustainable community in Newcastle’s city centre. Our vision is to blend heritage and contemporary design to provide a unique space where people can live, work, and enjoy everything this great city has to offer.”

[smartcode_project:default project_id=107744 project_image_fid=216988]

Construction has already commenced on the final stages of East End. The development has already garnered several awards, from the 2022 NSW Mixed Use Development of the Year awarded by the Urban Development Institute of Australia to the Urban Taskforce Australia's 2022 Adaptive Reuse Development Excellence Award.

The apartments are expected to be in high demand from professionals, families, and retirees.

[smartcode_project_cta:default project_id=107744]

Joel Robinson

Iris Capital to push on with final stage of game-changing Newcastle precinct, East End

The recently released building approval data from the&nbsp;Australian Bureau of Statistics shows new home building in New South Wales to be at its lowest level in 12 years.

You'd have to go back to 2012 when New South Wales saw lower approvals that 2024. Just 42,800 homes were approved in 2024, five per cent below 2023, and 42 per cent lower than the calendar&nbsp;year peak of over 73,000 approvals in 2016.

[smartcode_project:default project_id=136076 project_image_fid=212615] 
 
“Building approvals remain our best indicator of future supply. With the disappointment of 2024 still top of mind, it is time that Government looks to 2025 and beyond to get NSW back on track to achieve our state's share of the National Housing Accord targets,” said Stuart Ayres, CEO, UDIA NSW. 
 
The differences between the highs of 2016 and lows of 2024 can be seen across all housing typologies, but are&nbsp;most pronounced in the apartment market where new approvals sit more than 22,000 lower than&nbsp;in 2016.

<img alt="Aryes" data-entity-type="file" data-entity-uuid="2fc7f389-7d32-4d28-8911-84c2b8384791" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-02-03%20at%203.27.37%E2%80%AFPM.png?VersionId=e9mk1OT80dgpK2dr4xc7YBSElhci9OrS" /> 
 
“The sharp declines in apartment approvals reinforce&nbsp;UDIA’s ongoing messaging that the combination of weak feasibility and slow planning reform&nbsp;has led to a failure to implement the immediate step change that was desperately needed in infill development to achieve the Accord target of 75,000 new homes a year,” Ayres said.

[smartcode_project:default project_id=136108 project_image_fid=303417] 
 
The detached housing market has also fared poorly, with approvals falling below 22,000 in the 12 months to December 2024, for the first time since January 2014.

The development industry continues&nbsp;to wait for details on the Low and Mid-Rise Reform, and first tranche of EOIs from the Housing Delivery Authority. UDIA says the Government also needs to remain focused on supporting the more feasible greenfield market.

[smartcode_project:default project_id=148093 project_image_fid=319996]

“Without a pivot back to feasible greenfield development with a diversity of housing typologies, NSW will keep falling further behind its housing targets,” Ayres added. 
 
“These poor building approvals reinforce the desperate need for reform of the Planning Act and urgency in implementing the Low and Mid-Rise reforms."

The differences between the highs of 2016 and lows of 2024 can be seen across all housing typologies, but are most pronounced in the apartment market where new approvals sit more than 22,000 lower than in 2016.

Apartment supply suffers as NSW building approvals hit 12-year low

Developers could face financial penalties for failing to deliver homes and unfairly profiting off buyers under reforms being considered by the NSW Government.

Feedback is being sought on stronger protections for consumers in off the plan contracts for homes and land in NSW, to guide the delivery of new housing and prevent lengthy delays that leave people out of pocket.

An off the plan contract is an agreement for the sale and purchase of a property that is yet to be developed or constructed. These contracts can apply to the sale of a proposed lot in a strata or community land scheme or to the sale of land in a conventional subdivision.

The reforms are being designed to help increase housing supply by providing greater certainty and clearer deadlines for home buyers and to free up land for development faster by removing outdated restrictions on development sites.

The reforms are intended to help more people achieve the Australian dream of home ownership and build greater confidence in the housing market by improving protections for buyers and preventing developers from delaying homes they have been contracted to deliver.

About five per cent of 180,000 residential purchases in NSW last financial year were off the plan contracts which allow a buyer to commit to purchasing a property before the complex is built or land is subdivided.

Potential reforms being released for comment aim to tighten contract rules to give buyers a clearer understanding of when they can expect to move into their new home, reducing uncertainty and the risk of being left behind in the market when a contract is cancelled.

This could include scrapping the ability for developers to draw the contract out with indefinite sunset clauses which give buyers no clear path forward, or ability to exit the arrangement.

Other proposed changes the NSW Government is considering include:

<ul>
	<li>Making sunset clauses mandatory in contracts so that buyers can withdraw if sunset events do not occur by a set time</li>
	<li>Requiring developers to disclose the status of the development against construction milestones so buyers have a better understanding of timeframes and potential risks</li>
	<li>Limiting a developer’s ability to extend sunset dates only for certain reasons beyond the developer’s control such as weather or supply issues, and imposing time limits on extensions</li>
	<li>Requiring developers to take reasonable steps to meet dates by potentially introducing penalties for inaction.</li>
	<li>The Government is also looking at unlocking potential development sites by making it easier to remove private, outdated agreements from land titles (known as obsolete restrictive covenants) which can limit how land is used or developed.</li>
</ul>

Covenants can continue to bind future landowners indefinitely, even if they become outdated – for example, an obsolete covenant may prevent more than one property from being built on the land or ban the use of certain building materials.

To support the reforms, the Office of the Registrar General has released a discussion paper called ‘Contracts and Covenants: Reforms to support development of land’ outlining the options.

The community is invited to respond to survey questions or upload a submission on the reform proposals and share their experiences on the NSW Government’s Have Your Say platform.

The consultation will lay the groundwork for legislation to be developed in 2025.

The Contracts and Covenants consultation is open until 7 March 2025.

Minister for Customer Service and Digital Government Jihad Dib said these proposals are designed to provide greater certainty and consistency.

"This review is about making sure home buyers have the right protections and information they need to make informed decisions.

“Off the plan contracts play a crucial role in supporting essential housing supply initiatives in NSW. They allow buyers to purchase property early in the development process, while giving developers the confidence and financial security to build.”

“We know that most developers do the right thing, but we don’t want situations where businesses try to run down the clock on a contract to sell to a higher bidder or mislead consumers by unfairly changing the goalposts for when they can move into their dream home.

“These reforms are designed to provide greater transparency as well as encourage the delivery of new homes. These proposals are about encouraging developers to be upfront about timelines and challenges to assist homeowners.”&nbsp;

“We encourage people to have their say on these proposals which aim to boost consumer confidence in the off the plan contract process and help NSW achieve our housing targets.”

Off the plan contract laws under review to provide greater certainty to buyers

Joint venture partners Lendlease and Mitsubishi Estate are progressing with its recently acquired landmark site on the border of Darling Point and Edgecliff.

They've provided a sneak peak as to what they have planned for the 1,748 sqm site at 1 Darling Point Road, following the purchase from Anka Property last year.

There were approved plans in plans for a 12-level building with 40 apartments, plans that had been back and forth between the Woollahra Council given the substantial uplift they were seeking.

<a href="https://www.urban.com.au/developers/lendlease-development">Lendlease</a> and Mitsubishi Estate, the latter of whom is one of the largest real estate developers in Japan and worked with Lendlease on One Sydney Harbour and One Circular Quay, has submitted a Concept State Significant Development Application to the NSW Government for a 17-level tower (with the affordable housing uplift).

The concept, which comes before the full State Significant Development applications, will have 60 apartments, 21 of which will be designated as affordable.

Architecture firm&nbsp;<a href="https://www.urban.com.au/architects/tzannes-architects">Tzannes</a> has been called in to handle the design of the building.

<img alt="Tzannes" data-entity-type="file" data-entity-uuid="007b33bc-ed45-4724-bd88-10be6e95e1db" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-02-03%20at%202.25.31%E2%80%AFPM.png?VersionId=rB5Zwj033sVKXMY6IbvLcwCnT5MThan0" />

Tzannes, led by regarded architect Alex Tzannes, calls 1 Darling Point Road a "landmark opportunity to create architecture that is placeshaping for Edgecliff Station and community building for the greater eastern suburbs.

"With its unique topographical elevation overlooking the Harbour City and connections with existing transport infrastructure, this site is ready for urban densification," the architecture firm noted in the Architectural Design Report

"This project will contribute to Sydney's growing need for quality well-designed, and well-located, homes and amenities."

<img alt="Lendlease" data-entity-type="file" data-entity-uuid="1fdf903c-b044-4f69-8199-dad1c71c239c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-02-03%20at%202.25.44%E2%80%AFPM.png?VersionId=7br7HgVNsnlMJPoqFcajaBWSUjWeKgaT" />

The plan is to retain and refurbish the existing heritage building at 136 New South Road Road and also include retail space and 1,516 sqm of commercial office space located in the podium levels.

There will be 16 one-bed apartment on offer, jsut three two-bed apartments, 34 three-bedders, and eight four-bedroom apartments. A single 350 sqm-plus penthouse will crown the 16th level.

&nbsp;

The <a href="https://www.urban.com.au/developments/edgecliff-nsw-2027">Edgecliff</a> evelopment aligns with the NSW government's target of delivering 1,900 new dwellings in the Woollahra local government area by 2029.&nbsp;

&nbsp;

The project is expected to have an end value of around $500 million. Construction is anticipated to commence in 2026.

The project is expected to have an end value of around $500 million. Construction is anticipated to commence in 2026

Preliminary apartment plans revealed for landmark Darling Point site by Lendlease and Mitsubishi Estate

<a href="https://www.urban.com.au/developers/bridgestone-projects">Bridgestone Projects</a> is looking to push its approved Chatswood apartment towers higher.

Around 18 months after submitting to the local Willoughby Council for a two-tower development at 44-52 Anderson Street, and five months after its approval, Bridgestone has gone to the NSW Government for a&nbsp;$90 million State Significant Development.

It will see the two towers on the 2,687 sqm site, which will share a podium level, reach 33 levels, higher than the 25 levels that were approved in September.

The uplift comes as a trigger of affordable housing in the development.

Since late 2023, the NSW Government has encouraged developers to include affordable housing. If they have at least 10 to 15 per cent of the total apartments as affordable, they can build a tower 20 to 30 per cent higher than without.

Approved were 96 apartments. Now Bridgestone is proposing 123 apartments, 36 of which will be affordable.

<img alt="Bridgestone Projects Aims to Transform Anderson Street with 33-Storey Twin Tower" data-entity-type="file" data-entity-uuid="7893692b-1730-4843-8db4-de9b6432ed88" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Anderson%20st%20site.png?VersionId=SFkYhsa7LOw51eMRKZvJFPlurXoiRBlK" />

The Anderson Street development will feature a two-level podium with commercial and retail spaces on the ground floor, with vehicular access planned from Day Street.&nbsp;

The apartment mix is still weighted toward three-bedrooms (89). 18 two-bedrooms have been put forward, as well as nine one-bedroom apartments and seven four-beds.

<img alt="Bridgestone Projects Aims to Transform Anderson Street with 33-Storey Twin Tower" data-entity-type="file" data-entity-uuid="b664b7eb-5354-45ef-b730-855b9e1255e6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Anderson%20st%20bldg.png?VersionId=xe2ZGtKYxmTS72SGemX0CSfOJNGdVraM" />

A green spine will link the two residential towers, and communal open space will be located on Level 2. This design element aims to provide shared external spaces, enhance visual appeal, and integrate natural elements throughout the development.&nbsp;

Residents will have access to shared outdoor spaces, a swimming pool, sauna, BBQ area, and associated amenities.

An eight-level basement car park will be part of the development providing 296 parking spaces, which aims to support sustainable transport options, with proximity to Chatswood Station and public transport networks.

<img alt="Bridgestone Projects Aims to Transform Anderson Street with 33-Storey Twin Tower" data-entity-type="file" data-entity-uuid="609d995d-888a-4000-afcf-80943eeffc3c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Anderson%20st%20bldg%20podium%20facade.png?VersionId=Iu3KncBZgOjLHRh0SPRA7QBT20e3igce" />

Architectural firm Make has designed the project, focusing on integrating the new development within the evolving Chatswood CBD while maintaining a connection with the surrounding built environment.

<a href="https://www.urban.com.au/architects/make-architecture">MAKE Architects</a> won the design competition, impressing the jury with their solution to balancing the scale of the towers with the heritage conservation areas to the east, achieved by dividing the building into two slender forms.

The façade design incorporates a contemporary aesthetic inspired by the local area's brick buildings with a focus on solar access, natural ventilation, and shading elements to improve energy efficiency.

The documents submitted to the NSW Government suggest the proposal "aligns with planning objectives for increasing housing diversity, particularly through the inclusion of in-fill affordable housing."

Approved were 96 apartments. Now Bridgestone is proposing 123 apartments, 36 of which will be affordable

Kameraigal at Belrose listed at $8.75 million

Staff reporter

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