Iris Capital has delivered another vote of confidence in Newcastle’s apartment boom, lodging plans for stage two of its mall redevelopment barely a month after starting work on stage one.
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The $50 million stage two of the EastEnd development includes 124 apartments in buildings ranging from three to eight storeys in a block bordered by Hunter, King, Wolfe and Thorn streets.
But the plans, which are on display at Newcastle City Council, retain several old architectural features of the site, including the facades of the Lyrique Theatre, Masonic Hall, Soul Pattinson chemist and the art deco building on the corner of Hunter and Wolfe streets.
The developer will also keep three Victorian terraces on King Street – a fourth in the row is not owned by Iris – and restore them as houses, along with an old building on the corner of Thorn Street.
Iris will set up a pop-up information store at 111 Hunter Street on Thursday for people to see the plans and meet the designers from CKDS architecture.
The new buildings in stage two will have underground parking, retail and office space on ground and mezzanine levels and apartments above. The ornate Lyrique Theatre facade will stand at the entrance to the new “Lyrique Lane” connecting Wolfe and Thorn streets.
“This is a dynamic development that takes majestic heritage buildings and repurposes their grandeur for future use,” Iris CEO Sam Arnaout said.
Stage one of the $700 million project will include 212 apartments across three buildings, an 11-storey tower on the site of the former David Jones car park, a 10-storey block called Washington House facing the mall, and the 57-unit Fabric House in Wolfe Street.
An Australian buyer spent $6 million after amalgamating the three top-floor units in Washington House, smashing the record for an apartment sale in Newcastle by $1.5 million.
Work on stage one is due to start early next year, and both stages are due for completion in 2020. The first two stages cover about two thirds of the Iris-owned site, which stretches from Perkins to Newcomen streets.
In December, the Joint Regional Planning Panel approved concept plans for the four-stage development, including about 563 units and parking for 553 vehicles.
The development application for stage two differs from the approved concept plan by increasing the available floor space from 11,709 square metres to 13,695 and adding 27 more apartments and 69 parking spaces.
It also seeks to add a hotel and serviced apartments to the list of allowable activities on the site. Iris is looking for someone to run a hotel out of the old David Jones building.
Read more
- Iris Capital CEO Sam Arnaout and Lord Mayor Nuatali Nelmes turn first sod
- The changing face of Hunter Street | PHOTOS
- Hunter Street mall redevelopment
- Residential apartments in stage one of the East End redevelopment
- Remembering Hunter's history, shops, arcades and malls | photos
- Buyer pays $6m for mall apartment
- Council debates end to Hunter Street pedestrian mall