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Iris Capital lodge Development Application for highly anticipated East End project

19-Jun-2017


Developer Iris Capital has just officially lodged the Development Application for its master-planned Newcastle residential development, East End, following a lengthy consultation process with Newcastle Council. The developers have been working collaboratively with council members to ensure East End is perfectly matched to the needs of the Newcastle region and wider community.

East End will be released over various boutique stages with a number of 1, 2 and 3 bedroom apartments available. The thoughtful master-planned development is also part of the Newcastle rejuvenation project undertaken by the NSW Government, featuring a new multi-modal transport interchange, light rail and revitalisation of land in the heavy rail corridor, including housing, parks, entertainment precincts and public spaces.

Reinvigorating Newcastle’s historic East End, the project is the largest master-planned mixed-use site in the city, balancing Council requirements and community desire to boost job creation, community spirit and economic activity. Covering four city blocks, East End will deliver a significant private investment boost and build on the existing dynamics of the inner-city village atmosphere.

The East End concept features an abundance of apartments, small boutique shops and cafes at ground level, activating amenities and creating a world-class urban village. Having worked closely with local council over the past year, Iris Capital is confident the communal multiuse design will maintain its existing city charm while protecting heritage and significant view lines.

“This is one of the most exciting times in Newcastle’s rich history,” says Iris Capital CEO, Sam Arnaout. “The people of Newcastle have watched its CBD decay for several decades and we have a real opportunity to create a legacy for Novocastrians for generations to come.”

“The East End site is completely unique in its orientation and will be the showpiece of Newcastle’s continued rejuvenation,” he adds.

Mr Arnaout said the development respected the rigorous, tough and contested planning approval process that was undertaken on the Development Application masterplan.

“The Newcastle community and Council helped shape the development, and we respect the decisions that were made before Iris Capital purchased the site,” Mr Arnaout said 

“We selected award-winning, international architects to deliver a world class design that respects the development approvals.”

Colliers International Director, Dane Crawford, who will manage sales for the development, said he was extremely excited to be part of what will stand as a significant moment in Newcastle’s history.

“With careful planning the East End project will create an ecosystem of activity that will formulate an everlasting community.”

“I have a great deal of confidence in Iris and its ability to deliver on its word. I hope locally we can all get behind this and enjoy watching our magnificent CBD come alive – it will be well worth the wait,” he adds.

East End is expected to attract a variety of buyers. Owner-occupiers will be drawn to the unique design concept and apartments on offer. Many will be the downsizers and empty nesters currently driving strong demand for good quality 3 bedroom apartments.

Given the affordability of the project, it is expected there also will be significant interest from young professionals and first homebuyers who are waiting to take advantage of the long awaited revival of the east end precinct. “Naturally, the balance will be made up with investors looking to capitalise on Newcastle’s rapid increase in desirability,” Mr Crawford predicts.

Iris Capital is also seeing interest from Sydneysiders continuing their journey north to make Newcastle home. “The luxury market is currently under supplied in Newcastle and demand will continue to grow,” Mr Arnaout explains. “The East End is a natural avenue for enjoying a world class lifestyle, where people can live, eat and play.”


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