Iris Capital bets $ 800 million on the Gold Coast, abandons Victoria

Mr Arnaout said his main concern with Victoria was a “massive oversupply” of apartments in a market dependent on demand from students and international investors, both of which have fallen sharply.

Instead, it will focus its interstate efforts on transforming Broadbeach’s Niecon Plaza – purchased for $ 58 million earlier this year from the family of late Seafood King George Raptis – into an 800 mixed-use development. million dollars comprising two residential towers of 30 and 40 levels and more. of 330 apartments.

The development, known as Victoria & Albert Broadbeach, will also include 5,458m² of retail, restaurant and office space on two levels.

It will be the largest project on Broadbeach since the completion of the Oracle Apartments by the Nikiforides family over a decade ago – the same family that built the Niecon Plaza.

Demand for apartments on the Gold Coast – especially larger and more luxurious residences – has skyrocketed since the start of the pandemic, driven by demand from homeowners and interstate buyers profiting from the work-from-home phenomenon.

According to research firm Urbis, the number of new apartments available for off-plan purchase on the Gold Coast fell to 624 to a seven-year low in the June quarter.

Mr. Arnaout joins seasoned developer David Devine, Queensland developer Chris Vitale and wealthy Listers Tim Gurner and Max Beck to undertake major apartment projects on the Gold Coast.

“The fundamentals of the Gold Coast are good. [Winning the 2032 Olympic bid] reinforces the certainty for the region for the next 10 years ”, declared Mr. Arnaout.

Emblematic building

“There is a great demand for quality apartment products, which has drawn our attention to the region,” he said.

Mr Arnaout said Iris Capital would deliver a “first class” project that would be unmatched on the Gold Coast and something “not seen or done before”.

“We are very confident to create a historic building. “

The East Tower known as The Albert will feature 114 two, three and four bedroom apartments over 30 levels while the West Tower, known as The Victoria, will rise 40 levels and offer 219 one, two bedroom apartments. two and three bedrooms.

The two towers will be topped by two sub-penthouses and a penthouse each, while the Victoria Tower will have a sky lounge for residents.

The facilities to be housed in a ‘podium club’ on the fourth level will include a 25 meter swimming pool surrounded by subtropical gardens.

Marketing of V-shaped apartments&A Broadbeach will begin at the end of October via Colliers. Construction is expected to start in the middle of next year and last for two years.

“This will be the first of many Gold Coast projects,” said Mr. Arnaout.

Alongside the Broadbeach project, Iris Capital will continue to expand its $ 1 billion East End development in Newcastle (including a QT hotel) as well as launch an upscale project at Sydney’s Potts Point, known as the name of Queensgate, which is part of a pipeline of more than 2,000 apartments.

Mr Arnaout said he was also eager to reopen the pubs and hotels of Iris Capital which have been in hibernation since the lockdown began in New South Wales.

The company employs 1,200 people to operate its sites, including the Steyne Hotel and the Ivanhoe Hotel in Manly and 17 accommodation hotels.

“It was very stressful for us. These places were not built to be closed, ”he said.