IRIS Capital has fast-tracked construction plans at its $1 billion V&A Broadbeach development, after more than $200 million in sales at the project.
With major demolition works now ready to commence at the Gold Coast development site, V&A Broadbeach will soon deliver a collection of 399 apartments across two towers, in addition to an activated public ground floor precinct with food and beverage, retail and commercial offices.
“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 Sam Arnaout, CEO of Iris Capital.
“We are in final discussions with a builder, and we expect to have this locked in by mid-August so we can get underway.”
The delivery of both the investor-targeted 56-storey Victoria and the owner-occupier-targeted 40-storey Albert, are anticipated to generate between 400-500 jobs over the three and half years anticipated between construction through to completion.
“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,” said Arnaout.
The launch of the Albert tower four weeks ago, which itself was fast-tracked, has been dominated by interest from owner-occupiers from Melbourne and Sydney, with 80% of sales coming from interstate buyers.
“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,” said David Higgins, residential director at Colliers Gold Coast, who are managing the marketing at V&A Broadbeach.
The development is also set to include an elevated recreational podium, with a pool, gym, yoga deck, resident’s lounge, kid’s area, zen garden, outdoor dining and BBQ.
“The response since Albert’s launch has been incredible. Southern buyers looking for their new home in the heart of the city’s lifestyle mecca have jumped at the opportunity to secure a V&A home,” said Higgins.
The response has also no doubt been buoyed by the limited supply in the coastal city, which according to the latest data from Urbis supply in the Gold Coast reached a record low in the first quarter, with just 411 new apartments still up for grabs at its close, the lowest volume since 2014.
Apartments are still available in two-, three- and four-bedroom configurations, with residences at Albert starting at $1.61 million and $840,000 for Victoria apartments.
“With demolition now underway, we are looking forward to soon having a collection of high-quality homes to showcases for our new residents,” concluded Higgins.
With the demolition of the Niecon Plaza precinct now underway, overall completion for V&A Broadbeach is scheduled for January 2026.
