Major downsizers beachfront apartment tower gets green light
LONDON: A major downsizers beachfront apartment tower has finally been approved by planning authorities today.
Sam Arnaout’s Iris Capital has received the green light from the Gold Coast City Council to construct its $800 million apartment mega-development at Broadbeach.
Victoria & Albert Broadbeach is the biggest project in the Gold Coast suburb for 13 years, and the first in Queensland for Mr Arnaout’s development juggernaut.
It will offer almost 400 apartments across two towers of 56 and 40 storeys, and there will also be two levels of offices and a fresh food and dining precinct on the ground floor.
The project will replace the Niecon Plaza, which Iris Capital purchased for $58 million last year from the family of late seafood king George Raptis.
Having secured the necessary approvals, Mr Arnaout said his focus was on selling apartments off-the-plan and kicking off construction later in the year.
Colliers director of residential David Higgins said the project’s mix of apartment sizes would attract families, downsizers and investors.
“Currently Broadbeach has plentiful full-floor and half-floor apartments on the market, but very few offer a choice of one-, two- and three-bedroom apartments with access to leading luxury amenities.” he said.
Mr Arnaout’s project joins a growing number of high-rise developments on the Gold Coast, including by veteran developer David Devine and Rich Lister Max Beck, Eddie Hirsch and Tim Gurner
Apartment sales on the Gold Coast have boomed since the onset of the pandemic, propelled by the work-from-home phenomenon that has brought in a new wave of interstate buyers.
Meanwhile, in Melbourne, developers APH Holding and Time & Place have secured permits for mixed-use projects with a combined end value of more than $700 million.
Time & Place’s amended permit for its Queensbridge Building project behind Crown Casino on Southbank allows for 367 apartments and a 200-room hotel with a gross end value of $410 million. Prefabrication specialist Hickory has been appointed as the builder and construction is expected to begin soon after Time & Place secured $100 million of apartment pre-sales.
Time & Place sought an amended permit for a larger project after acquiring an adjacent site at 15-23 Kings Way to create a 1370sq m footprint at 90 Queens Bridge Street.
“We are passionate about the evolution of the Queensbridge precinct of Southbank and what the future holds for this thriving area,” Time & Place director Tim Price said.
APH Holding has secured planning permits for two projects in Box Hill in Melbourne’s Eastern suburbs.
The first is a 20-storey mixed use building at 925-927 Whitehorse Road that will include a five-star Marriott hotel. The second is a 15-storey office and retail development at 941-951 Whitehorse Road. The two projects have a combined investment value of more than $300 million.
“In the post-pandemic era we believe these two Whitehorse Road projects will cater for the continued growth of central Box Hill,” APH Holding chief executive Johnson Zhang said.
