Confidence strong in East End
Iris Capital CEO Sam Arnaout has continued to demonstrate his confidence in the Newcastle market by submitting a
Development Application for Stage II of the East End project just nine months after the initial exciting release of Stage I.
Mr Arnaout is determined to see the East End transformed, and already the impact is being seen with the demolition of the former car park on the corner of King and Perkins streets, and the impressive retention works being done on the facades of Washington House and Fabric House.
Mr Arnaout said progress with Stage I was very encouraging.
“The site is progressing daily,” Mr Arnaout said.
“People can see how committed we are to retaining the beautiful heritage facades because at the moment the facades are completely protected by façade retention structures.
“There are not many places in the world you could see work like we have done on that site and I am very proud of it. We think the heritage of the East End will bring a character to our development that will draw people here and make them want to live here.
“The heritage is beautiful and I am excited to be restoring it so people for many generations can enjoy it.”
The $250 million Stage I development is the first of a four - stage, $750 million project bounded by Perkins, King, Newcomen and Hunter streets.
Mr Arnaout said sales of apartments in Washington House (Hunter Street) and Fabric House (Wolfe Street) had been very strong with only a few apartments left for sale in these buildings.
He said the focus for Stage I now was the sale of apartments in the development on the corner of King and Perkins.
Selling agent PRDnationwide director Mark Kentwell said interest in Stage I inner-‐ city apartments was coming mainly from Newcastle-‐ based owner occupiers.
“Locals have a lot of confidence in what is happening in Newcastle, and this is a catalyst development that people want to be a part of,” Mr Kentwell said.
“This is a master-‐ planned community integrated with public domain which differentiates it from other projects in the city.”
“We are also seeing interest from people fleeing the hustle and bustle of Sydney and looking to move to Newcastle for the amazing lifestyle of this position, as well as the employment and property growth drivers that Newcastle has to offer.”
He said there had been strong commercial interest shown in the ground floor retail space.
“This commercial offering will reactivate the whole precinct through a series of new laneways with a masterplan strategy to achieve an exceptional, vibrant village ‐ style living.”
Mr Arnaout said the Development Application for Stage II was currently before Newcastle City Council.