Iris Capital appoints Descon Group to deliver Victoria & Albert Broadbeach apartments
Private development and hospitality group, Iris Capital has appointed Descon Group Australia as head contractor to deliver its $800 million mixed-use Victoria & Albertcinct on the Gold Coast.
Demolition has commenced on the 4,803 sqm Broadbeach site, which is set to be transformed into a vibrant precinct comprising two residential towers, an array of private resident amenities, a world-class recreation podium, two levels of A-Grade office space and extensive retail and dining facilities.
The East tower, known as The Albert, will home 122 two, three and four-bedroom apartments across 40 levels. The West tower, known as The Victoria, will rise 56 levels above Broadbeach and deliver 279 one, two and three-bedroom apartments.
Chief Executive Officer of Iris Capital, Sam Arnaout, said V&A was the largest project to be delivered on the Gold Coast in more than a decade.
“Descon will be bringing our vision to life, and this is an exceptional result for our project and purchasers,” Arnaout said.
Eastview Australia’s Graham Goldman, appointed Project Manager by Iris Capital, said theprecinct occupies a premium position 50 metres from the beachfront and is set to become a defining landmark for Broadbeach.
“This is a significant milestone for V&A and we’re excited to be collaborating with Descon Group on this major mixed-use project,” said Goldman.
“We’re maintaining momentum in a market where supply is struggling to meet demand, and V&A is one of the few major projects to be breaking ground in the heart of the Gold Coast.”
Gold Coast City Council approved the Development Application for V&A in April this year.
Interest from interstate buyers has translated into $200 million in sales for the project in the past six months, following the second and final launch of apartments.
Descon Group Chairman Danny Isaac said the appointment recognised the depth of experience within the company.
“V&A will be delivered by a dedicated team of major project specialists, led by highly respected construction expert Jason O’Hara,” said Isaac.
“Jason is widely respected in the industry as an expert in the delivery of major projects, which throughout his career have included Crown Casino, QV Melbourne and VCCC Melbourne.”
Descon Group Director Greg Sneeden said the V&A delivery team includes Mark Kotis, who brings extensive complex project experience, supported by a senior, local project team.
“V&A is a fantastic addition to the Broadbeach skyline and a great project for our Queensland team who, over the course of their extensive careers, have delivered some of Australia’s most celebrated landmarks,” said Sneeden.
“Their depth of experience, together with Descon Group’s strong balance sheet and in-house capabilities, enable us to deliver end-to-end services, from complete engineering and building structures to the entire design and construct lifecycle.”
O’Hara said these in-house capabilities provided a distinct advantage in a tight labour market.
“For our clients this yields a tremendous advantage in design, cost and delivery timeframes and gives them certainty of delivery from an established, proven project partner,” he said.
The development will create over 1,000 jobs during the three-year construction program, which is targeting completion in 2025.
Designed by leading architecture studio DBI, the V&A precinct will rise on the current site of Niecon Plaza and encompass an entire city block from the Broadbeach Mall at Victoria Avenue to Albert Avenue.
