Interstate buyers dominate $200m spending spree at Iris Capital's V&A Broadbeach apartment development as construction looms
Construction of the $1 billion Broadbeach development, Victoria & Albert looming, following a $200 million sales spree at the Gold Coast apartment project.
The biggest demand for the project, which will rise from the current Niecon Plaza which will soon be demolished, has come from interstate buyers seeking a sea change.
Colliers Gold Coast Residential director, David Higgins said the project had seen strong interest from the interstate market, accounting for 80 per cent of the sales so far.
“Many buyers have been enticed by the project’s proximity to key lifestyle amenities and the ground floor activation which is set to reinvigorate the heart of Broadbeach with a world class retail and dining precinct,” Higgins said.
The 399-apartments are spread over two towers – Victoria and Albert – the first catering to an investor market and the second to an owner-occupier market.
The project’s Albert tower hit the market just four weeks ago, sparking a tidal wave of interest from Sydney and Melbourne buyers.
“The response since the launch of Albert has been incredible,” Higgins said.
“Southern buyers looking for their new home in the heart of the city’s lifestyle mecca have jumped at the opportunity to secure a home in V&A,” he added.
“With demolition now underway, we are looking forward to soon having a collection of high- quality homes to showcases for our new residents.”
As demolition of the Niecon Plaza precinct officially kicks off, construction of the two V&A towers is anticipated to start in the coming months, delivering 399 apartments, alongside an activated ground floor public precinct, with extensive food and beverage, high-end retail and commercial spaces.
Iris Capital CEO, Sam Arnaout, said the group is in final discussions with a builder, which they expect to have locked in by mid-August.
“The start of demolition marks an exciting step forward in the delivery of V&A Broadbeach, and we look forward to seeing our vision come to life over the coming few years,” said Arnaout.
“We have spent a lot of time ensuring a project of this scale was deliverable in the current climate and we are proud to today be embarking on the first Major construction milestone.”
The project is expected to take roughly three and a half years to complete, with completion slated for January 2026.
The billion-dollar project is expected to create some 400 to 500 hundred jobs over the coming years, from construction through to completion, providing a boost to the construction industry and the Broadbeach region.
