After initially focussing on Sydney’s fast growing south west corridor, Iris Capital, founded and led by entrepreneur Sam Arnaout, has now extended its reach over the past decade to become a developer of integrated residential and mixed-use developments in a number of booming suburbs across the country.
The company now holds a $5 billion enterprise value, having significantly expanded its footprint over the past year through a number of land and hotel acquisitions.
We recently caught up with Iris Capital CEO, Sam Arnaout to discuss why the group chose Broadbeach as their first Gold Coast project.
“It was the first and only location that I would consider undertaking such a spectacular residential/resort with coastal luxury as its core design focus,” Arnaout said.
“Only Broadbeach and this current Neicon Plaza redevelopment site offered us the opportunity where everything is at our buyers fingertips. This has allowed Iris to design this mixed use coastal luxury development in a landmark location, where our two premium towers will preside over a world class recreational podium and premium ground floor retail and dining.”
“Choosing Broadbeach as the address for our V&A project in the lively heart of its dining and retail precinct has allowed us to put our brand on our first luxury foray into Queensland.”
Colliers’ Director Residential, David Higgins, who is handling the market of V&A, says Broadbeach is comparable to Sydney’s Double Bay.
“Being from Sydney, I often think that Broadbeach is our Double Bay with the dining, high end retail, laneway cafes, beautiful Kurrawa parkland, the beach, and the amenity that is uniquely Broadbeach all within a five-minutes walk,” he said.
Recognised as the heart of the Gold Coast, Broadbeach offers a host of nearby amenity, further adding to the likability of the sought-after suburb.
“The walkability of the location to over 30 restaurants, GC Convention Centre, Pacific Fair, The Star Casino, the Beach and Kurrawa SLSC makes it the most lifestyle rich village locations to undertake a premium development,” Higgins said.
Main Beach, Surfers Paradise and Broadbeach are distinctly different real estate suburbs and attract very different buyer demographics says Higgins.
“Main Beach has a small, limited choice of dining and café options, where the lifestyle is focused around the renowned Tedder Avenue, which attracts an older buyer type to the very quiet village location.”
“Surfers Paradise features a more prominent nightclub and late-night venue scene, with destinations attracting singles, tourists groups and the young-at-heart.”
“Broadbeach has a much wider appeal both domestically and internationally, where you are spoilt with the supreme choice of dining, entertainment, bars, shopping all at the residents fingertips.”
Revered as “the most desired location” for developers looking to hit the family owner-occupier market, Higgins says Broadbeach marks itself as the place that can do it all.
“This area attracts a more mature, family-buyer market, sometimes even multi-generational buyers, who want the village location, where they can park there car below their apartments and walk to everything when either residing or choosing to live in Broadbeach.”
Taking its name from Broadbeach streets, Victoria and Albert, the project will comprise 398 apartments over two towers of 40 and 56 storeys, with a subtropical recreational podium, featuring two levels of premium offices and commercial facilities, and a fresh food and dining retail on the street level.
Designed by DBI Architects, residents will live among world‐class amenities, with both towers offering an elevated recreational podium with a 25-metre lap pool, a gym, a yoga deck and resident’s lounge as well as kid’s area, a Zen garden, an outdoor dining and barbecue space, all surrounded by lush green landscaping.
Once complete, V&A Broadbeach will create the first high end residential, retail and culinary precinct in central Broadbeach since the Oracle towers more than a decade ago.
“The family orientated downsizer buyers are the main demographic who are looking for larger apartments in Broadbeach and who share a history with a long love of the area,” said Higgins.
“This comes from spending many childhood family memories holidaying or enjoying Broadie apartments, with strong childhood memories of the village of Broadie. Having a memberships and wanting to be close to the Kurruwa SLSC and the family park is also important to owner occupiers.”
“For the investors, they are always looking for the two or three-bedroom apartment with a beautiful view in the heart of Broadbeach, where they can look forward to the strong proven returns from a very established holiday and conference rental market.”
“Many southern downsizers are seeking the village location where walkability, amenity, luxury and convenience is at the top of the purchasing requirements,” Higgins added.
Article source: www.urban.com.au