Iris Capital prepare launch of Queensgate, the hotly anticipated Potts Point apartment redevelopment
It's been over seven years since Iris Capital first earmarked what will likely be one of the most impressive redevelopments in the affluent harbourside suburb of Potts Point.
Iris Capital, led by the local hotelier and developer Sam Arnaout, has slowly amalgamated a larger site, including Potts Point institutions the Bourbon and Beefsteak pub and Les Girls nightclub, to create an ideally located 2,500 sqm from 18-32 Darlinghurst Road, at the top of Macleay Street.
Now Iris are set to launch the $350 million redevelopment, which will see 48 apartments, not including a handful of penthouses with private pools, spread apartments across five buildings, each with their own art-deco identity. The buildings will be known as Sovereign, Regent, Consort, Monarch and Empress.
The development application went before the City of Sydney council in 2018, before being approved earlier this year.
“I have long been a big believer in this pocket of Potts Point, and the Queensgate vision is one which we have been working incredibly hard at for some time now,” Arnaout said.
“Breathing new life into key destinations with high quality redevelopment is one of the hallmarks of Iris Capital and we are extremely eager to see this unique revitalisation come to fruition in the coming months.”
Ben Stewart, a director at CBRE Sydney, says Queensgate is one of the most hotly anticipated releases the Eastern suburbs for a number of years.
“Queensgate symbolises the next phases in the Potts Point renaissance, one which pays tribute to Potts Point’s art deco roots while moving forward with a contemporary collection of sophisticated residences,” Stewart said.
Just 48 high-end apartments will be on offer across a selection of one, two and three-bedroom apartments, in addition to an exclusive collection of ultra-luxury penthouses with private pools.
A selection of three-bedroom apartments will also house their own private wine cellar.
Apartment prices start from $1.8 million for the one-bedroom units , $2.8 million for two-bedrooms, $5 million for the three-bedrooms, and $10 million for penthouses.
“We’ve already seen strong interest from both local and interstate buyers who are eager to get their hands on an incredibly rare product set in one of the city’s most thriving dining and retail cultures," Stewart added.
“Residents will be able to step out their front door and straight into a world class collection of cafés, boutiques and bars, nestled in an activated laneway with fantastic new amenity and upmarket retail."
Each residence features artistic finishes, soaring ceilings, a limited collection of private wine cellars, and large walk-in wardrobes, all encased in a heritage façade.
As the home of Australia’s highest concentration of art deco buildings and some of Australia’s earliest block of flats, Potts Point’s cityscape is one of juxtaposition, where modern high rises border historic landmarks.
Queensgate’s design was bred from a diversity of input including architects Panov Scott and Tonkin Zulaikha Greer (TZG) who devised five distinct personalities for each of the buildings, and interiors by TZG and BKH.
“Our philosophy has always explored the crossover between art and architecture, and Queensgate epitomes that intersection of high-end design,” said Tim Greer, Director of TZG.
“We wanted to produce a collection of homes that were deeply reflective of the Potts Point character while offering the most high-end and modern luxuries available in residential design.”
Iris Capital has been busy in the Gold Coast as well as Sydney, recently launching their first Surfers Paradise development, Victoria & Albert
The $800 million mixed-use development will feature more the 330 apartments across two residential towers rising 30 and 40 levels.
The East tower known as The Albert will comprise 114 two, three and four-bedroom apartments over 30 levels.
The west tower, known as The Victoria, will rise over 40 levels and deliver 219 apartments of one, two and three bedrooms.