With demolition work underway on its $1 billion V&A Broadbeach development and $200 million in sales under its belt, privately owned Sydney company Iris Capital has ramped up its presence in the Gold Coast market with plans for a second residential tower project.
Iris Capital, founded and headed by Sam Arnaout, has just received council approval for a 38-storey apartment project near the Surfers Paradise beachfront on Garfield Terrace.
The 71 on Garfield development will comprise 51 apartments and a dual storey beach house that is aimed at the luxury end of the market.
Apartments will range from three-bedroom half-floor layouts and four-bedroom full-floor apartments with their own private plunge pool, to a collection of dual-storey five-bedroom sub-penthouses on the upper levels. The development will be topped by a triple-storey penthouse complete with its own rooftop retreat.
Iris Capital’s increased investment in the Gold Coast market has bucked the trend of high-profile projects being abandoned by developers in the wake of rising building costs. The most recent was Pacific One, a $500 million tower proposed by Melbourne developer Central Equity for a Surfers Paradise site it has held for 15 years.
Iris Capital has made solid start on its V&A Broadbeach project which will transform central Broadbeach through the redevelopment of the landmark Niecon Plaza site. Over the past six months, the company has recorded $200 million in sales for the twin-tower development where each tower will separately target investors and owner-occupiers.
“We are big believers in the Gold Coast having witnessed the success in sales so far at V&A Broadbeach,” says Arnaout who controls one of Australia’s largest private development companies.
“We are looking forward to following this up with the delivery of another high-class project in what is emerging as a very exclusive precinct.
“We see long-term positive fundamentals for the Gold Coast. It’s a very desirable place to live and migration is very strong. As such, there is always going to be demand for residences that complement the lifestyle people flock to the Gold Coast for.”
While the company has yet to announce a builder for V&A Broadbeach, it is understood an announcement will be made in weeks.
“We are in final discussions with a builder, and we expect to have this locked in by mid-August so we can get under way,” says Arnaout.
“We have spent a lot of time ensuring a project of this scale was deliverable in the current climate.”
Iris Capital has ramped up its investment activities over the past year, including the acquisition of Lasseters Hotel Casino in Alice Springs for $105 million from Singapore’s Lasseters International Holdings.
Arnaout, who built his fortune through extensive investments in pubs over 25 years, plans to spend about $70 million upgrading and expanding the Alice Springs hotel casino.
Iris Capital has also reshaped downtown Newcastle through its $1 billion East End development, although the company is currently looking to recycle some of the capital it has invested with plans to sell the development’s retail precinct in a final exit of the development.
Iris Capital group currently generates annual revenue of $500 million and employs more than 1500 people across Australia.
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