Penthouse with iconic Newcastle backdrop sells for $2m prior to auction

A penthouse apartment with a large terrace and Christ Church Cathedral as its backdrop has earned a significant profit for its seller after it was snapped up ahead of auction.

The three-bedroom, two-bathroom apartment on the top floor of the Y building at 17/113 King Street was scheduled to go to auction on March 14 but sold the day prior for $2 million.

The property was listed with a guide of $1.95 million to $2.1 million with Luke Murdoch from Murdoch Property Co and drew 70 enquiries throughout the campaign.

“We had a few interested parties at the end but it came down to the one person that was ready to commit as the other two parties needed more time which we didn’t have,” Mr Murdoch said.

It was the first time the property had been listed for sale.

The owner purchased the penthouse in the newly refurbished former YMCA building in 2009 for $655,000.

The building dates back to the 1880s and was taken over by the YMCA in 1924 before it was redeveloped as a boutique apartment complex in 2007.

One of the apartment’s key features was its three balconies, including a large terrace with an uninterrupted view of Christ Church Cathedral.

The north balcony has views of Newcastle Harbour and Stockton Beach, and the south has a clear shot of the neighbouring heritage-listed Segenhoe apartment building.

“It offered something to look at from every aspect, so north took in the harbour to Port Stephens and from the east, you had one of the best views of the Cathedral you could possibly get,” he said.

“The western balcony picked up sunsets, so it is rare to get an apartment that is open up to all aspects like that.

“This had a lot more to offer in that regard.”

All three bedrooms have balcony access, including the master bedroom which has an ensuite.

A large open-plan kitchen, living and dining area flows out to the terrace which Mr Murdoch said was large enough to cater for 20 guests.

“Apartments built in the late 90s and up to 2010 were built a lot bigger generally, so this was a new addition to the old YMCA building and it was quite spacious inside,” he said.

“In terms of feedback from buyers, they said a lot of the newer apartments are smaller but, in terms of size, this one had two car spaces and a reasonable amount of living space which is quite sought-after.”

It was one of 23 properties scheduled to go to auction across Newcastle and Lake Macquarie in the week ending March 17.

CoreLogic recorded a clearance rate of 68.8 per cent from from 16 preliminary results, with 11 cleared auctions and 5 uncleared.

In Mayfield, a three-bedroom home with period features at 118 Hanbury Street listed with Spillane Property drew six registered bidders.

Listed with a guide of $790,000 to $860,000, the auction started at $790,000 and the property sold under the hammer for $910,000.

Spillane Property also took a 1920s three-bedroom terrace on 234 square metres to auction at 7 Sheddon Street in Islington.

It also had six registrations who opened the bidding at the low end of the guide at $800,000 before it sold for $970,000.

In Hamilton South, LaneCampos Property took a renovated four-bedroom house on a corner block at 166 Lawson Street to auction.

Listed with a guide of $1.5 million, the bidding commenced at $1.45 million and it sold for $1.7 million.

This article first appeared on view.com.au