Iris Capital see strong demand in Broadbeach at V&A following their move into the Queensland market
Sydney-based developer Iris Capital saw strong sales results across their projects last year, with new Broadbeach development Victoria & Albertperforming 2020 results.
V&A, an $800 million residential and commercial precinct, is expected to transform the heart of Broadbeach and create a vibrant new destination for the Gold Coast.
Designed for the coastal environment, V&A will comprise a mix of one, two and three-bedroom apartments on the lower levels, while the upper residences will offer a mix of three-bedroom apartments, with both towers topped by sub‐penthouses and penthouses.
David Higgins of Colliers International Gold Coast said the development is an exciting breakthrough for Broadbeach, thanks to the complexity of lifestyle and amenity on offer.
“It is a pretty exciting milestone for the Gold Coast and, more especially, for Broadbeach because Broadbeach is really one of the most heavily developed lifestyle precincts”, he said.
“The walkability of this location in the centre of Broadbeach, you can't replace.”
Straddling both streets and the mall, the site ties Victoria Avenue and Albert Avenue together, whilst bringing the history of Broadbeach into the project with its name.
The largest tower to the west is Victoria, the “crowning glory”, while the smaller tower to the east is Albert.
The two towers, designed by DBI Architects over a subtropical recreational podium, will home over 400 apartments, two levels of premium offices and commercial facilities and fresh food and dining retail on the street level.
The project boasts over 5,500sqm of dining, retail and A-grade commercial, adding to the strong hospitality offerings already available within the suburb.
“When we put a new arcade, new retail and dining, fresh food with some A-grade commercial, [V&A] will be a very unique, new entrant into the Gold Coast lifestyle market”, said Higgins.
In the six months to June 2021, the development team saw apartment sales 20 per cent ahead of the result for the entire year of 2020.
“We expect next year to be as good, if not better”, Higgins added.
Iris Capital’s decision to transform Newcastle and head north to Queensland was a very strong move, based upon the knowledge of the Gold Coast of Iris Capital chief executive, Sam Arnaout.
“He saw the trends and he liked what he saw in Southeast Queensland”, Higgins said in his interview with MediaHunt.
“Obviously, last year [Queensland] had the best interstate migration [they] have had for 13 years, over 30,000 people, and we expect the next year to be better again.”
