Gold Coast demand strong as southern unit buyers seek value

Southern-based apartment buyers are flocking to Queensland’s Gold Coast with the country’s largest private developer Harry Triguboff cashing in.

Iris Capital has fast-tracked the development of the second tower in the sprawling Victoria & Albert Broadbeach complex.

Southern-based apartment buyers continue to head to Queensland’s Gold Coast, according to Australia’s largest private developer Harry Triguboff, who is about to kick off the development of a second 650-unit tower as he puts the finishing touches to his 77-storey Ocean tower.

Demand is so strong that property developer, pub baron and ­casino landlord Sam Arnaout’s Iris Capital came out swinging on Monday, launching the second tower in his $800m revamp of the Niecon Tower at Broadbeach, spurred by a combination of strong sales from southern buyers and residential stock shortages.

Iris Capital has fast-tracked the development of the second tower in the sprawling Victoria & Albert Broadbeach complex. Known as the Albert Residences, it will include 121 large apartments with all the accoutrements of Gold Coast living, including a 25m lap pool, fire pit, yoga studio, spa, lounge, steam and sauna rooms, gym and Zen garden.

To date, buyers had mainly hailed from interstate, said marketing agent Colliers Gold Coast agent David Higgins. “Strong inquiry and sales have been driven predominantly by end users and lock-and-leave buyers out of NSW and Victoria, attracted to the prime location and world class amenity on offer,” he said.

“(But) given the severe lack of new apartment product across the Gold Coast, we anticipate Albert will be met with fierce interest by local buyers who recognise the value and scarcity of quality apartment stock at the moment.”

Albert will have a mix of apartments in two and three-bedroom configurations, while upper residences will be available in three bedroom plus multi purpose rooms and four-bedroom configurations. Victoria has two, three and four-bedroom unit configurations. Prices start from $1.63m for two bedroom plus multi purpose room units in Albert. Three-bedders with multi purpose rooms begin at $2.105m, while penthouses start from $15m. Units in Victoria start at $840,000.

While its Victoria Residences next door is catered primarily to a lifestyle market, Albert will be dedicated exclusively for owner-occupiers to gain a foothold in the rapidly transforming cosmopolitan heart of the Gold Coast, which is fast becoming a world-class precinct, spearheaded by the restaurant/cafe scene and nearby Star casino, according to Iris Capital.

“The strength of V&A’s launch is a testament to the development’s ability to complement the lifestyle and convenience of its ­location in the heart of Gold Coast’s cosmopolitan centre, and the enduring strength of the Gold Coast market,” Mr Higgins said.

Mr Triguboff, founder of Meriton Apartments, believes the Gold Coast is attractive to older southerners because of the better climate and because the real estate is better value than that of the southern states.

Originally published as Gold Coast demand strong as southern unit buyers seek value