Southerners buy into Sam Arnaout’s Victoria & Albert towers in Broadbeach

Interest from Sydney and Melbourne buyers has translated into over $200m worth of apartment sales in Sam Arnaout’s Victoria & Albert towers in Broadbeach recently.

Hundreds of apartments in the Albert and Victoria towers are available.

Interest from Sydney and Melbourne buyers has translated into more than $200m worth of apartment sales in billionaire Sam Arnaout’s Victoria & Albert towers in Broadbeach over the past few weeks with demolition commencing and a builder about to be appointed.

But not everyone is as confident of the Gold Coast with Melbourne developer Central Equity abandoning plans to build a $500m apartment tower at Surfers Paradise this week amid rocketing building costs which it reckons will make the project unprofitable. Central Equity believes unit prices need to jump by 20 per cent to cover increased labour and building costs echoing statements made by billionaire apartment king Harry Triguboff to The Weekend Australian earlier this month. Mr Triguboff said apartment prices need to rise by at least 20 per cent to make units affordable in a statement on July 8.

Nevertheless, Colliers International residential director for the Gold Coast, David Higgins, said sales are continuing apace.

He said most V&A buyers were family-oriented down-sizers from southern states who were familiar with the Gold Coast from childhoods spent on the beach.

On offer in the billion-dollar project are 122 apartments in the 40-level Albert tower, which was launched six weeks ago, and 277 apartments in the 56-level Victoria tower.

Victoria & Albert, Broadbeach, Gold Coast.

With demolition of the existing Niecon tower commenced, Mr Arnaout’s Iris Capital is about to appoint a builder for the V&A project, which is being developed on the old Niecon Plaza site.

“More than 50 per cent of buyers are coming to live here or they are buying for the future or to have it as their second residence,” said Mr Higgins, adding that two and three-bedroom units were the most popular purchases at present.

The towers are just 150m from the sand and the average price is $2m to $3m.

Apartments in the Albert tower include two car spaces. There are also two penthouses available at $17.5m apiece with five car spaces. The average apartment price in the taller Victoria building is around $1.5m, Mr Higgins said. A 10 per cent deposit is required. It is expected construction will take 42 months, with purchasers able to move in by early 2026.

“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 Mr 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 under way. “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.”

Apartments in two, three and four-bedroom configurations remain for sale across the Victoria and Albert towers.

Albert residences are available from $1.61m and Victoria apartments from $840,000.

V&A Broadbeach will include a recreational podium with a north-facing 25m lap pool, a gym, a yoga deck and resident’s lounge as well as children’s area, a zen garden, an outdoor dining and barbecue area.