Gold Coast development: Iris Capital buying large holding including Niecon Tower, Niecon Plaza at Broadbeach

The heart of Broadbeach is set to get a $700 million development adrenaline shot in the wake of a Sydney group snapping up a massive holding. FULL DETAILS >>>

THE heart of Broadbeach is set to get a $700 million development adrenaline shot in the wake of Sydney group Iris Capital buying a large holding that includes the Niecon Tower and Niecon Plaza.

The $58.5 million buy has been made from the family of late seafood king George Raptis.

The holding is approved for towers of 28 and 35 storeys, with a retail hub running from Broadbeach Mall to Albert Ave and 12 offices.

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The development previously approved for the site.

Iris Capital head Sam Arnaout yesterday said the group wanted to hit the ground running with its redevelopment plans.

“There’ll be no rest – we’ll get straight into it and hope to have work underway in 2022.”

Iris is to retain the Niecon Tower office building but clear the rest of the site, which includes two Albert Ave office buildings.

Mr Arnaoud said the project would be built in “some form or fashion” of the 2015 approval gained by the Raptis camp, which did not take in the Niecon Tower site.

The Niecon Tower and Niecon Plaza at Broadbeach.

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“We have a unique opportunity to create something extraordinary for Broadbeach and we don’t take that responsibility lightly.

“This is a true pivotal development with importance for Broadbeach.”

Mr Arnaoud said the project’s major retail focus would be on Albert Ave.

He said Iris for some time had been looking at the ‘buoyant’ Gold Coast market and the Niecon package provided the chance to create a true point of difference, as his group was doing in Newcastle.

The towers previously approve for the site. Photo: DBI Architecture.

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Iris’s East End is a four-building masterplanned venture in the heart of central Newcastle and close to the harbour.

Iris, founded in 1995, is both in development and hospitality, owning 17 Ibis hotels and another hotel in Sydney.

The Niecon Plaza and Niecon Tower were built in the late 80s by the late Bill Nikiforides and son Con.

Con, who died in 2017, went on to develop the Oracle towers.

The Niecon Tower and Niecon Plaza at Broadbeach.

George Raptis bought the Niecon buildings for $22.1 million in 1993 and added the two Albert Ave buildings for $18.7 million in 2009.

The Raptis package was marketed by Colliers’ Steven King, Samuel Biggins and Jason Lynch and by Peter Court, Mike Walsh and Frederic Le Fanue of Cushman & Wakefield.