A surge in buyer demand over 2023 has seen Iris Capital’s flagship Broadbeach development become Urban’s most popular apartment development on the Gold Coast.
The project, also dubbed V&A, has seen a diverse buyer profile over the last few months according to Colliers sales agent Paul Putsay.
“Interestingly V&A is attracting a delightful clientele of fly-in and fly-outs in the Albert tower, while there’s been an uptake from hybrid investors and occupiers in the Victoria building.”
“The building is also proving to be extremely popular with buyers from Melbourne and Sydney, in no small part because of the $200 million commercial retail and fresh food precinct underneath.”
The extensive commercial precinct will feature a number of retailers, handpicked by Iris Capital CEO Sam Arnaout. The amenity stretches to an extensive range of facilities, located on the fourth level of the podium.
There’s a 25-metre lap pool with an outdoor dining and barbecue area, a spa and steam room, a Zen garden, a yoga deck, a boutique resident’s lounge, and a kid’s club area with a playground, all surrounded by sub-tropical gardens.
The project also includes a residents sky lounge on the top level of the Victoria tower, complete with luxury dining, lounge, wellness, and work zones, taking in ocean and city skyline views.
Victoria & Albert is now over 50 per cent sold, with some $350 million worth of sales to date. There will be just over 400 apartments across the two towers, Victoria and Albert, named after their location on the corner of Victoria and Albert streets.
The apartments have been designed by renowned architecture firm DBI, who drew inspiration from the coastal environment.
V&A is being built in the heart of Broadbeach, on the old Niecon Plaza site, which has now been demolished.
Broadbeach has been a hotspot for developers of late. It ranked as Urban.com.au’s most searched suburb in the Gold Coast, and second only to Brisbane in the whole of Queensland. Broadbeach did rank as the most enquired suburb on Urban in March.
Urban saw a spike in investor enquiry across Queensland in Q1 2023, accounting for around a third of all buyer enquiry.
Colliers’ Gold Coast director-in-charge Steven King said the latest population forecasts, the strength of the Gold Coast’s employment market and the massive investment in infrastructure across the city is providing the local property market with remarkable resilience.
“Certainly, we’re seeing challenges across the board, driven by higher construction costs and labour constraints causing ongoing housing supply issues, but the Gold Coast is still firing on all cylinders from an economic perspective which will continue to support the residential and commercial sectors in the near term.”
Article source: Queensland Property Investor