(Sydney, Australia) – EG Funds Management (EG), one of Australia’s leading non-core real estate fund managers, has forged a new partnership with local Newcastle developer Stronach Property.
The development has near sold-out with only one apartment remaining following a successful pre-sales campaign.
Stronach has acquired a 60 per cent share of the Herald Apartments development project that has an anticipated gross realisation value of over $83 million. The development is located in the heart of the Newcastle CBD, within the revitalisation precinct that is seeing Newcastle boom.
“It was important to us to partner with a successful local developer in Newcastle,” says EG CEO Adam Geha.
“Stronach has provided invaluable local support and we respect their strong connection to the community and history of Newcastle.”
Stronach Property is a third generation development company led by Keith Stronach, and has been active in the Hunter/Newcastle region since 1923, developing over 1000 apartments in Newcastle alone amongst other commercial developments within the Hunter.
“The development is an integral part of the changing East End of Newcastle, merging this historical Herald façade with new modern living,” says EG Development Director Grant Flannigan.
“The Herald Apartments are walking distance to the East End eateries, the legal and financial district, while being within moments of the beach. It’s a truly unique offering that has raised the bar in Newcastle.”
In total, the development contains 116 apartments, with a mixed-used retail component and a separate commercial offering in the old Newcastle Herald building, which will retain the sandstone heritage façade.
“From the vibrant East End eateries to the iconic Civic Centre, Stronach is committed to the growth and gentrification of Newcastle, CBD,” says Stronach Property General Manager Richard Anderson.
Colliers International are the appointed sales agents and Richard Crookes have been appointed as master builders for the project.