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Iris Capital appoints Descon Group as head contractor on Victoria & Albert, Broadbeach

Market Insights
2 weeks ago
3 minutes

Iris Capital has appointed Descon Group Australia as the head contractor of Victoria & Albert. Developed by private development and hospitality group Iris Capital, Victoria & Albert is a vibrant new mixed-use precinct in Broadbeach on the Gold Coast. 

Descon, a privately owned construction company operating in Melbourne, Sydney, Brisbane, and the Gold Coast, has grown its workforce to over 800 employees with over 30 projects under construction across four states in the last decade. 

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The lawn at Victoria & Albert's Albert Club. Image courtesy of Iris Capital. 

Chief Executive Officer (CEO) of Iris Capital, Sam Arnaout, says that V&A is the largest project in over a decade to be delivered on the Gold Coast. 

“Descon will be bringing our vision to life, and this is an exceptional result for our project and purchasers,” says Mr Arnaout. 

“V&A will be delivered by a dedicated team of major project specialists, lead by highly respected construction expert Jason O’Hara,” says Descon Group Chairman, Danny Isaac. 

“Jason is widely respected in the industry as an expert in the delivery of major projects, which throughout his career have included Crown Casino, QV Melbourne and VCCC Melbourne.” 

“V&A is a fantastic addition to the Broadbeach skyline and a great project for our Queensland team who, over the course of their extensive careers, have delivered some of Australia’s most celebrated landmarks”, says Greg Sneeden, Descon Group Director. 

“Their depth of experience, together with Descon Group’s strong balance sheet and in-house capabilities, enables us to deliver end-to-end services, from complete engineering and building structures to the entire design and construct lifecycle”, Mr Sneeden adds. 

Mr O’Hara believes that the in-house capabilities afforded by Descon Group provide an advantage in the currently tight labour market. 

“Four our clients this yields a tremendous advantage in design, cost, and delivery timeframes and gives them certainty of delivery from an established, proven project partner” says Mr O’Hara. 

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The pool at Victoria & Albert's Albert Club. Image courtesy of Iris Capital. 

Demolition has commenced on the 4,803 sqm Broadbeach site, which is set to be transformed into the vibrant Victoria & Albert precinct. The project comprises two residential towers in addition to a range of private resident amenities, a world-class recreation podium, two levels of A-Grade office space, and extensive retail and dining facilities. 

The East tower is known as The Albert, and will comprise 122 two, three, and four-bedroom apartments across 40 levels, whilst the West tower, called The Victoria, will include 56 levels and 279 one, two, and three-bedroom apartments. 

Iris Capital has also appointed Eastview Australia’s Graham Goldman as Project Manager. 

“We’re maintaining momentum in a market where supply is struggling to meet demand, and V&A is one of the few major projects to be breaking ground in the heart of the Gold Coast,” says Mr Goldman. 

Gold Coast City Council approved the Development Application for V&A in April this year. Interest from interstate buyers has already seen the project achieve $200 million in sales in the past six months, following the second and final launch of apartments. 

Victoria & Albert is designed by leading architecture studio DBI, and will be situated on the current site of Niecon Plaza. The precinct will encompass a city block from the Broadbeach Mall at Victoria Avenue to Albert Avenue. Two-bedroom apartments start from $840,000. 
 

For more information about Victoria & Albert, click here.