- Iris Capital is developing the project
- Will feature 398 apartments
- Iris now has a $5 billion enterprise value
The City of Gold Coast has granted approval to developer Iris Capital for their $800 million V & A apartment project.
V & A – named after Victoria and Albert streets in Broadbeach – will consist of 398 apartments across two towers of 56 and 40 storeys respectively. It will be located on the site of the iconic Niecon Plaza.
Sam Arnaout, Iris Capital CEO, said the decision would pave way for construction to commence alter this year.
“We’re absolutely delighted that the Gold Coast Council has seen the vision of V & A and how it will play an enormous role in transforming Broadbeach,” said Mr Arnaout.
“We were very eager to get the approval to meet our timelines for delivery and we’re now focussing our attention on sales and marketing with the view of a construction start later this year.”
Colliers’ Director Residential David Higgins noted the project thad been well received by the market, while the approval had removed any impediments on the project itself.
“There is a great air of excitement about what V & A will do to transform central Broadbeach,” said Mr Higgins.
“This is an unbelievable project for the city in terms of liveability and the creation of a new commercial, office and dining precinct within the heart of Broadbeach.
“The council has recognised the significance and merits of V & A and also acknowledged the incredible role that the project will play in the city’s cosmopolitan heart.
“Unlike many of the projects that have been launched in recent years, V & A will bring an air of sophistication to the cosmopolitan heart and provide apartments from which people can walk to everything they need.”
First such project in a decade
Mr Higgins also noted that V & A Broadbeach would create the first high-end residential, retail and culinary precinct in central Broadbeach since the Oracle towers, which were completed over ten years ago.
“Currently Broadbeach has plentiful luxury full floor and half floor 3 bedroom plus apartments on the market, but very few offer a choice of 1,2,3-bedroom apartments with access to leading luxury amenity”, said Mr Higgins.
“Historically Broadbeach has had a very strong family market and V & A will bring this market right back into the frame.
“We’ve introduced a mix of product right in the heart of Broadbeach that attracts the family buyer, luxury downsizer and investors looking for solid returns as the Gold Coast grows out of the Covid lockdowns.
DBI Architects will be designing the apartments and the amenities, which include a 25 metre lap pool, yoga deck, kids play area and a zen garden.
“V&A Broadbeach presented a unique opportunity to create a lasting icon for the coastal precinct that can be appreciate by more than just its residents,” said DBI Director Raith Anderson.
“Its design is quintessentially Gold Coast, from its lavish double beach shower and surfboards storages to its cascading subtropical landscaped terraces, V&A is a rare product for those in pursuit of a coastal destination with the lifestyle and cultural variety of a cosmopolitan locale.”
Iris Capital, founded and led by Mr Arnaout, has extended its reach over the past decade. Now the company holds a $5 billion enterprise value, has expanded its footprint over the past year, thanks to acquiring 17 Ibis hotels from AccorInvest.
