Iris Capital expands to Queensland with $800m Broadbeach plan

Sydney-headquartered hospitality and development giant Iris Capital has extended its operations to the Gold Coast, unveiling plans for an $800 million two-tower development in Broadbeach.

Proposed to be built at the site of the famous Niecon Plaza, Iris Capital’s Victoria & Albert Broadbeach will comprise towers of 30 storeys and 40 storeys containing 333 apartments. 

The 30-storey tower, to be known as The Albert, will be situated on the east of the site and provide larger, coastal-oriented dwellings, while The Victoria will provide smaller configurations to appeal to investors as well as downsizers.

Iris Capital chief executive Sam Arnaout said the developer had been particularly attracted to Broadbeach because of its status as the Gold Coast's premier lifestyle, dining, retail and entertainment precinct.

“The opportunity to purchase the Broadbeach site was not taken lightly and is in line with what we have been looking for - a multi-faceted, mixed use project with ground-floor activation that complements the vertical village we are proposing,” Mr Arnaout said.

“In my opinion, this is the best site in Broadbeach to deliver a landmark transformative precinct that will be well received by the end-user market and become an important legacy project for the Gold Coast.”

Mr Arnaout said he had been considering expanding outside of New South Wales for some time, with Melbourne initially his preferred destination.

“However, the way the market is heading and how buyers have responded to South East Queensland has definitely driven our decision to expand further north as opposed to Victoria,” Mr Arnaout said.

“The onslaught of investment and migration into South East Queensland, the prospects of the Olympics in 2032 and regional growth over the next decade have certainly changed our strategic focus.

“For us, it’s a no-brainer.”

The development is the fourth major project proposed on the Gold Coast in the last two months, as local, international and interstate developers jostle for opportunities in what’s been described as one of the hottest selling markets in living memory.

In late July, China-backed SPG Land and its local joint venture partner Gordon Corp lodged a development application for an $800 million, three tower development in Surfers Paradise.

The developers have proposed to deliver 792 apartments across towers of 38, 40 and 42 storeys at 103 Ferny Avenue.

Last month, Melbourne headquartered developer GURNER lodged an application to build a $1.25 billion resort and apartments complex at Surfers Paradise’s Budds Beach.

GURNER’s La Pelago will comprise four towers ranging from 29 to 57 storeys, containing a range of luxury apartments as well as a 200-room five-star hotel.

Local developer Devine Living is also tuning into the demand, bringing forward the launch of its $370 million luxury apartments precinct in Surfers Paradise.

Meanwhile at Main Beach, construction has started Midwater, a 39-level luxury apartment tower being developed by Heran Building Group.

Tomkins Constructions was recently appointed to carry out the build, with the tower designed specifically to take advantage of its location between the Pacific Ocean and the Nerang River. 

Selling agent Trent Milburn, director of Avanti Project Marketing, said there had been considerable interest in the project from interstate and overseas buyers.

"Sales on the project have been good and with the announcement of construction commencing, we expect the remaining apartments to be sold quickly," Mr Milburn said.