- Strong sales during usually quiet holiday period
- 23 of 48 apartments sold, including penthouse with price tag of $16M
- Project expected to retain façade of The Bourbon Hotel
Sydney-based real estate developer Iris Capital’s latest development, Queensgate, has surpassed $121 million in sales.
The announcement comes after the $350 million development achieved a further $20 million in sales during the holiday period.
The Queensgate project is located in the affluent Sydney suburb of Potts Point, close to the heritage-listed El Alamein Memorial Fountain, and includes 48 boutique apartments spread across five unique buildings.
Almost half sold
During the unusually busy holiday period, the latest round of sales saw buyers from Queensland buy up apartments.
The 18-32 Darlinghurst Road site combines heritage architecture with premium modern apartment living, with plans to retain the historical façade of The Bourbon Hotel.
23 of the 48 available apartments have already been secured by buyers, including a penthouse that sold for an impressive $16 million.
Iris Capital CEO and hospitality veteran Sam Arnaout commented on the strong recent round of sales:
“Local buyers were among the first to take a foothold after the official launch, but now we’re seeing buyers from all over Australia converging on Queensgate, with many from Brisbane and the Gold Coast snapping up apartments during the holiday period.”
Sam Arnaout, Iris Capital CEO
Surprisingly salubrious sales
The collection of boutique apartment buildings that comprise Queensgate are aptly named Sovereign, Regent, Monarch, Consort and Empress.
Each of the buildings features their own lobby, and no more than 10 apartments including a penthouse, some with a private rooftop swimming pool.
The Queensgate residences also include premium features such as elevated ceilings, a limited collection of private wine cellars, and spacious walk-in wardrobes.
Senior Director at CBRE Residential Projects, Ben Stewart, shared his astonishment at the strong sales results, given the development was unveiled during the typically reserved holiday period.
“The sales achieved over the holiday period are remarkable as this is traditionally the quietest period for property sales in Sydney.”
Ben Stewart, CBRE Residential Projects
The development is situated in what once was the less glamorous corner of the suburb, neighbouring Sydney’s infamous red-light district and was a particularly gritty end of town.
“The area has evolved in recent years with chic bars and retail boutiques positioning it as a highly sought-after residential location.
“Today, it is … very bohemian with a host of funky laneways that create a truly diverse urban environment that is resonating with high-end buyers,” explained Mr Stewart.
Residents of Queensgate will be able to revel in impressive views overlooking Sydney’s CBD skyline, the harbour and Rushcutters Bay, and enjoy the dining and entertainment establishments located on the ground floors.