IRIS Capital's final stages of its $1 billion East End development have secured $50 million in sales a month after the project was launched.
Iris Capital developer Sam Arnaout aims to start construction of final stages three and four of the project by the end of this year following a surge in sales led by independent project marketers, Urban Activation.
In March, the company was appointed to oversee marketing and sales for the $450 million final stages of the East End village project.
The apartments have been snapped up by buyers predominately from the Newcastle and Hunter region area, according to Urban Activation director Matt George.
"Our team has been inundated with inquiries from buyers, most of them locals, as demand for inner-city living in Newcastle continues to firm in the current market," Mr George said.
"Buyers are looking for premium residences with urban amenities right at their doorstep.
"The sales already achieved by our team support our longer-term view that Newcastle and the Hunter Valley are among the strongest residential property markets in Australia at the moment."
The final stage of the East End village has 199 apartments.
There are seven penthouses in the final stage of the project that Mr George described as "the most luxurious yet" with views of the ocean, harbour foreshore, or the grounds of Christ Church Cathedral.
"East End has proved popular with both downsizers and upsizers who want to live in the transformed CBD," he said.
"We expect this trend to continue in the final two stages."
One-bedroom residences in the final stages of the East End development are priced from $750,000, while two-bedroom offerings are priced from $1.15 million and three-bedroom apartments are selling from $2.75 million.
The Kingston building on the corner of King and Newcomen Streets will include 10 residential levels with 83 apartments and three levels of shared amenities including a fully-equipped gym with a hydrotherapy pool, a sauna and a yoga space.
The 10-level Bluebell, which has been designed with a double-height, vaulted concrete roof that mimics a cloud floating over the building, has 29 apartments with a footbridge to access a rooftop terrace.
Portline will comprise nine residential levels with 24 apartments and shared courtyards including a garden on the fourth level with outdoor seating and barbeque facilities.
The ground floor will have wine cellar access for the owners of three-bedroom residences and penthouses.
Civic has two residential levels with 10 apartments, including a shared rooftop terrace and with a swimming pool, while Gibbs & Moore will house 53 apartments.
The final two stages are a collaboration between three architectural firms: SJB, DBJ and Curious Practice.
"The market response to our final release of apartments has been exceptional and we will begin construction as soon as final approvals have been granted," said Mr Arnaout.
"We entered the Newcastle market with confidence when we took on the East End village development in 2016, and that confidence has never waned.
"The infrastructure spent over recent years to transform the city have made Newcastle CBD one of the most sought-after addresses for locals as well as buyers from Sydney."
Iris Capital's East End village development spans 12 new buildings over four blocks in the Newcastle CBD.
It includes the sold-out first stage comprising the historic Fabric House, Washington House, Perkins & King buildings and the QT Hotel which are centred around the open space of Lyrique Lane.
The overall masterplan is a vision for a world-class urban village, complete with small boutique shops at ground level, apartments on upper levels and spaces and places for public activation throughout the site.
The first two stages of the project have sold out, with construction of the second stage approaching completion of what will become the city's biggest rejuvenation project.
The fast-tracking of the project comes following a report in The Newcastle Herald last week that City of Newcastle council would expedite approvals for the final stage of the development over concerns the abandoned sites pose a safety risk.
The development covers the section bounded by Hunter, Newcomen, King and Laing Streets and contains the former food court and retail spaces.
The council said it hoped to bring forward demolition after reported antisocial behavior in and around the buildings that both business owners and members of the public had reported to police.
Iris Capital development manager Jamie Boswell said speedy demolition would prove "the best outcome for the community".
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