The City of Gold Coast has given Sam Arnaout’s Iris Capital the green light to replace Broadbeach’s Niecon Plaza with an $800 million mixed-use project.
To be known as V&A Broadbeach (V&A being the acronym for Victoria and Albert streets, which the rectangle site abuts), the development will include 398 dwellings in two towers, of 56 and 40 levels, and a subtropical themed recreation podium with 25 metre lap pool.
Sky rise floors within both buildings are designed with dining spaces and yoga rooms.
The project will also contain two storeys of office space and, at street level, retail with a fresh food and dining precinct.
Construction is set to start this year; Colliers’ David Higgins is the agent.
Broadbeach is four kilometres south of Surfers Paradise.
Iris invests in Queensland
Niecon Plaza was offered early last year by the family of late Raptis Seafood founder George Raptis permit-ready for a project with a similar end value but containing about 330 dwellings.
Mr Arnaout paid $58m, applying to amend the permit in September.
V&A Broadbeach will be Iris Capital’s first Queensland project (story continues below).
“We’re absolutely delighted…Gold Coast Council has seen the vision of V&A and how it will play an enormous role in transforming Broadbeach,” Mr Arnaout said.
“We were very eager to get the approval to meet our timelines for delivery and we’re now focusing our attention on sales and marketing with the view of a construction start later this year,” he added.
The high-end project would be first of its type in the area since the Oracle Broadbeach complex, over two a decade ago, according to the executive.
…and the ACT, NSW, NT, Victoria
Mr Arnout holds a substantial portfolio of New South Wales hospitality assets including about 30 pubs; his purchase of Sydney’s Narwee Hotel for $45m was Australia’s biggest hotel deal for 2020.
Eighteen months ago, the businessman paid AccorInvest c$180m for a portfolio of 17 Ibis branded inns – which contained properties in the Australian Capital Territory, Queensland and Victoria.
Last April, the executive purchased Alice Springs’ Lasseters complex, which includes a casino and the Alice Springs Convention Centre, for $105m from Singapore listed Lasseters International Holdings.
At the foot of the McDonnell Ranges, that site is set for a $100m revamp which will add more hotel suites and retail, and apartments.
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