Iris Capital: Developer Sam Arnaout to move ahead with $1bn Broadbeach V & A towers

A billionaire developer has rebounded from a construction setback with his twin Albert & Victoria towers at Broadbeach. Here’s what he’s got planned next.

Billionaire Sam Arnaout has rebounded from a construction setback with his twin Albert & Victoria towers at Broadbeach by taking a do-it-yourself route.

His Iris Capital group, in the wake of parting ways with the Descon group before it had started construction in February, has set up Iris Built.

A spokesman yesterday said an experienced tier one construction team had been assembled and Iris Built was working with key consultants and subcontractors to deliver V & A.

Artist impression of the Victoria and Albert (V & A) towers which will replace the Niecon Plaza in Broadbeach. Picture: Iris Capital

A complex site retention system was on the verge of being completed, piling would start within the next fortnight, and Iris Built would start construction work by February.

Iris Built is working with project manager Eastview Australia, which has been delivering major Gold Coast high-rise project for 20 years, to ensure V & A will be delivered ‘to the highest possible standards’.

Iris Capital’s Sam Arnaout

Eastview managing-director Graham Goldman said the setting up of Iris Built was the best solution in a market where there were virtually no builders available for such major projects.

“The industry doesn’t have the capacity to handle such projects, which is forcing more and more groups to become developer-builders.”

The 40 and 56-level V & A towers, a $1 billion project, are being developed on the site of the former Niecon Plaza and adjoining Albert St lots.

The project, with 399 apartments, is nearly 50 per cent sold.

Iris Capital, in the wake of the Descon decision in February, has filed court actions seeking $122 million from the construction group.

Artist impressions of Victoria and Albert (V and A) towers in Broadbeach. Proposed by Iris Capital.