Iris Capital’s ambitious $1-billion East End Village project has taken another step towards reshaping Newcastle’s historic centre after reworked plans for the final stages were approved.

Planned for a 6450sq m site at Hunter, Newcomen and King streets in NSW’s second largest city, the multi-stage development includes residential, retail and commercial components alongside preserved heritage elements and new public areas.

The approval of updated designs for the $160-million Stages 3 and 4 opens the way for 235 apartments across five buildings, 1731sq m of retail space and about 300 parking spaces, according to Iris Capital.