Iris Capital could achieve one of the biggest transactions in Newcastle history by listing the recently opened QT Hotel, Newcastle and East End retail precinct.
The 104-room hotel with a rooftop bar is managed by hospitality giant EVT and opened in June 2022 under the QT brand.
Iris Capital used the 113-year-old heritage David Jones building for the hotel to create the cornerstone of the precinct.
The 2775sq m site, anchored by Woolworths Metro, also includes the Lyrique Bar, a sports bar with 10 gaming machines.
The move comes weeks after the developer lodged detailed plans on the final stage of the East End project.
CBRE NSW hotels director Vasso Zographou said there had been a lot of investment in Newcastle in the past seven years which greatly benefited the growth of these assets.
“It’s a leading property, just out of the box,” Zographou said.
“It’s a Sydney equivalent QT, in Newcastle, it’s very impressive, and has experiencing 7 per cent growth year-on-year since the start of the pandemic, Newcastle continues to be a hotspot.”
Iris Capital has invested more than $700 million into the development of Newcastle’s East End as a mixed-use precinct, including the hotel, retail and residential properties.
On completion, the four stages of the East End development will include more than 500 homes accommodating more than 1400 residents.
