Iris Capital's Queensgate, Potts Point apartment development, approaches 50% sold
The demand for apartments at Iris Capital’s $350 million Queensgate project in Potts Point has continued, with nearly half of the apartments accounted for following its launch just one month ago.
There were a further $20 million in sales during Sydney’s traditionally quiet holiday period, taking the total sales tally to over $121 million.
Not often do interstate buyers head to Sydney, with the trend often the other way around, but the latest buying spree saw high-net-worth individuals from Brisbane and the Gold Coast secure apartments.
Among the recent sales was a one-bedroom apartment without a carpark for $2.2 million, while two-bedroom apartments have sold for between $4 million and $6 million.
Queensgate will deliver a collection of five buildings; Sovereign, Regent, Monarch, Consort and Empress, all featuring individual designs and their own lobby. Exclusivity is maintained throughout with no more than 10 apartments in each structure, with just 48 in total.
Iris Capital’s vision for the 18-32 Darlinghurst Road site, which will see the historic façade of The Bourbon Hotel retained, has been described as an architectural reawakening for Potts Point.
“Local buyers were among the first to take a foothold after the official launch, but now we’re seeing buyers from all over Australia converging on Queensgate, with many from Brisbane and the Gold Coast snapping up apartments during the holiday period,” Iris Capital CEO Sam Arnaout said.
“Queensgate undoubtedly represents a strategic acquisition for many buyers looking to secure a position in this dynamic urban precinct.”
Total sales to date now account for 23 of the 48 apartments available at Queensgate, which offers one, two and three-bedroom layouts.
Each of the five buildings within the development has its own penthouse, some with a private rooftop swimming pool. One of the penthouses has already sold for $16 million.
Queensgate will further enhance the existing Potts Point dining and entertainment scene with its own collection of bars, restaurants, bakeries and cafes along the ground floor.