DESCON Group Australia has been appointed head contractor to deliver Iris Capital’s $800 million mixed-use Victoria & Albert precinct on the Gold Coast.
With demolition already underway on the 4,803sqm Broadbeach site, Descon will deliver the precinct’s two residential towers, in addition to its recreation podium and two-levels of A-grade office space and retail and dining facilities.
“Descon will be bringing our vision to life, and this is an exceptional result for our project and purchasers,” said Sam Arnaout, CEO of Iris Capital, who referred to the development as “the largest project to be delivered on the Gold Coast in more than a decade.”
The east tower, The Albert, will include 122 one-, two-, three- and four-bedroom apartments spanning 40 levels. While the west tower,, The Victoria, will include 279 one-, two- and three-bedroom apartments.
“This is a significant milestone for V&A and we’re excited to be collaborating with Descon Group on this major mixed-use project,” said Graham Goldman from Eastview Australia, project manager at V&A.
“We’re maintaining momentum in a market where supply is struggling to meet demand, and V&A is one of the few major projects to be breaking ground in the heart of the Gold Coast.”
With the Gold Coast City Council granting the project DA approval back in April, V&A has seen $200 million in sales over the last six months.
“V&A is a fantastic addition to the Broadbeach skyline and a great project for our Queensland team who, over the course of their extensive careers, have delivered some of Australia’s most celebrated landmarks,” said Greg Sneeden, director at Descon Group.
Descon’s construction expert Jason O’Hara will lead the team delivering the development, which will also include Mark Kotis, supported by a senior, local project team.
“Jason is widely respected in the industry as an expert in the delivery of major projects, which throughout his career have included Crown Casino, QV Melbourne and VCCC Melbourne,” said Danny Isaac, chairman at Descon Group.
“Their depth of experience, together with Descon Group’s strong balance sheet and in-house capabilities, enable us to deliver end-to-end services, from complete engineering and building structures to the entire design and construct lifecycle.”
Over the course of the three-year construction phase, the development is set to generate more than 1,000 jobs.
With demolition works now underway, the V&A Broadbeach is targeting a 2025 completion date.
