LUXURY property developer WINIM has announced the launch of Parnell House Penthouses in Newcastle East.
The twin penthouses at 21 Parnell Place are set to fetch around $8.5 million for one and $14 million for the largest of the two.
The development includes a 46-room luxury hotel, with EVT appointed as operator.
EVT manages 80 hotels and 12,000 rooms across Asia Pacific, with brands such as QT, Rydges, Atura, LyLo and the Independent Collection by EVT.
Designed by SDA Architects in collaboration with MXM Design, the twin penthouses, Sand and Dune, occupy the entire rooftop of the development.
The developer said the luxury residences and hotel represents a new era in Newcastle's standing as a global destination.
Combining hotel, retail and residential, Parnell House is positioned at the 1106 square metre site of the Newcastle Beach Hotel which spans 47 hotel rooms across five levels.
The Sydney-based developer paid $13.75 million for the property in 2021.
It had previously sold for $6.62 million six years ago to a local private consortium.
Parnell Place is also set to include a cafe, bar, restaurant and wellness spa, with construction beginning in August 2024.
The project is expected to be completed in late 2025.
According to a March report by CoreLogic, high-end home prices have been on the rise in Newcastle since the pandemic.
The developer said the recent sale of a string of multi-million dollar properties over the past 12 months indicates Newcastle is fast becoming a desirable destination.
The record price for an existing apartment in Newcastle was set in November 2023 after a penthouse in the Royal apartment complex sold for $8.5 million.
Inside the design of Parnell Place
WINIM's Parnell House penthouses are described as paying homage to the "barefoot nostalgia of Newcastle's past while setting a new benchmark for the future".
The design combines light-filled spaces with organic curves and natural materials alongside high-end finishes and hand-crafted statement pieces.
Inspired by the elevated ocean views stretching to the horizon and 360-degree views of the city, the design will use gentle green or pink accents, with stone featured throughout the kitchens and bathrooms.
Other features will include hand-blown glass pendants and circular skylights.
The large master suite includes a dressing room and an elevated stone bathtub with hand-carved steps.
Each penthouse has an expansive entertaining space made for indoor-outdoor living, with a covered outdoor kitchen, dining terrace and sun deck leading to a private plunge pool in a private courtyard.
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