Iris Capital dives into Gold Coast market with $800 million two-tower project

Iris Capital dives into Gold Coast market with $800 million two-tower project

Iris Capital is at the helm of one of the most significant developments for Broadbeach in more than a decade, unveiling plans for a new $800 million Gold Coast two-tower project by the seaside.

The Sydney-based property company will redevelop the Niecon Plaza site, which was acquired for $58 million earlier this year, and transform it into 333 apartments across its 30-level and 40-level towers.

To be named Victoria & Albert Broadbeach, the residential buildings will both be topped with two sub-penthouses and a penthouse.

“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,” said Iris Capital CEO Sam Arnaout.

“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.”

The east tower, to be known as The Albert, will comprise 114 two, three and four-bedroom apartments. Its counterpart, The Victoria, will feature 219 apartments with configurations of one, two and three bedrooms.

Iris Capital’s investment and development activities have seen it create $3 billion in enterprise value over more than 25 years, with the group currently generating $500 million in annual revenue.

Arnaout said the company has been looking into expanding operations outside of New South Wales, initially exploring a move into Victoria.

“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,” he said.

“The onslaught of investment and migration into south-east Queensland, the prospect 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.”

Complementing the towers will be 5,458sqm of retail, dining and office space spanning over two levels, with Colliers International Gold Coast to oversee apartment sales and leasing of the precincts.

“It is a landmark development that will herald a new era for Broadbeach, enhancing residential and retail diversity of the area,” said Colliers Gold Coast director David Higgins.

“The additional office space within the development will also meet strong underlying demand as Broadbeach enjoys one of the Gold Coast’s lowest office vacancy rates.”

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