Iris Capital appoints Descon Group for $800M V&A precinct

Hospitality group and private developer Iris Capital has appointed Descon Group Australia as head contractor to deliver the $800 million Victoria & Albert precinct on the Gold Coast.

Demolition has begun on the 4,803 square metre site, which will become home to two residential towers, a recreation podium, two levels of A-grade office space and a range of retail and dining facilities.

The Albert, which is the east tower, will consist of 122 two, three and four-bedroom apartments across the 40 levels. The Victoria, the west tower, will comprise of 279 one, two and three-bedroom apartments across 56 levels.

Sam Arnaout, Iris Capital Chief Executive Officer, noted that V&A will be the largest project to be delivered in the area in over ten years.

“Descon will be bringing our vision to life, and this is an exceptional result for our project and purchasers,” said Mr Arnaout.

Eastview Australia’s Graham Goldman, who has been appointed as the project manager, expects the precinct to become a landmark for Broadbeach given it is just 50 meters from the beach front.

“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 Mr 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.”Graham Goldman, Eastview Australia

Image supplied.

The development application for the project was approved by the Gold Coast City Council in April, with $200 million in sales over the past six months.

“V&A will be delivered by a dedicated team of major project specialists, led by highly respected construction expert Jason O’Hara,” said Danny Issac, Descon Group Chairman.

“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 added the team brings extensive complex experience to the project.

“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 Mr 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.”Greg Sneeden, Descon Group

Mr O’Hara added that in-house capabilities provide an advantage over other companies amid the 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.

1,000 jobs are expected to be created during the three-year construction program. Architecture studio DBI is leading the design.

Completion is expected during 2025.

Article source: thepropertytribune.com.au

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