East End Newcastle approach first stage sell out with stage two construction soon to commence
Buyers have moved in to the first stage of East End, Newcastle's newest apartment development, with stage two sales well underway.
The recently completed stage one of the Sam Arnaout-led Iris Capital development in the heart of Newcastle on Hunter Street comprises three buildings, Fabric House, Perkins & King and Washington House.
Each building has been created by a different architect.
The most striking is Washington House, where architecture firm TZG had to incorporate the historic Washington House in to their design which retained the front facade.
Washington House, built in the early 1900's.
Washington House was once the Charleston Studios, operated by the photographer Harry 'Henry' Charleston in the 1930s, before being completely remodelled by Washington Handley Soul, of the investment firm now known as Washington H Soul Pattinson.
Washington House features an outdoor landscaped terrace on level three, complete with a private garden, barbecues and outdoor dining.
Durbach Block Jaggers created Fabric House with curved glass and the arched windows, while SJB designed Perkins & King.
Interior design firm Turners handled the interiors.
Around 90 per cent of stage one has sold, with just the nine apartments remaining. Around 50 per cent have sold to owner-occupiers.
Stage two, which comprises Soul and Lyrique, both designed by CKDS Architecture, is around 50 per cent sold.
PRDnationwide agent Ryan Houston says they are seeing a lot of local downsizers and young professionals who no longer want to mow the lawns.
"They want to live the inner city lifestyle," Houston says, adding that there are out of town buyers from Sydney, as well as areas around Mudgee, Armidale and Dubbo looking for a weekend or even a sea change.
"We are seeing a lot of interest recently in apartments as the market are seeing apartments as the futures of real estate and betting on the fact the market will continue to rise.
"Best thing is that they can lock in a price today at todays prices for only a 10% deposit."
About the developer
Arnaout's Iris Capital are behind the likes of the residential developments Omnia in Potts Point, Grand Bondi Junction and Wattle Hill at Hurlstone Park.
Iris Capital also owns a number of hospital venues including the Manly's Hotel Steyne and Ivanhoe Hotel. Iris has prominent around the Kings Cross area for a number of years where they own the Bourbon.
On the east end project, Arnaout says "This is something that we won’t be able to replicate anywhere else and it’s something we’re proud to be delivering for the people of Newcastle."
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