Buyer blitz continues at Iris Capital’s Queensgate as sales top $121 million

The buyer blitz continues for Iris Capital’s $350 million Queensgate project in Potts Point with the development notching up an additional $20 million in sales during Sydney’s traditionally quiet holiday period.

And in a sign that prime Sydney properties remain in the sights of national buyers, apartments were snapped up by high-net-worth individuals from Brisbane and the Gold Coast in the latest buying spree.

Total sales at Queensgate, which will deliver a collection of five buildings combining classic heritage architecture with premium residences amid a cosmopolitan lifestyle, have now surpassed $121 million just a month since the project’s release.

Iris Capital has sold almost half of the 48 apartments planned for Queensgate, including a penthouse which was secured for $16 million.

Iris Capital’s vision for the 18-32 Darlinghurst Road site, which will see the historic façade of The Bourbon Hotel retained, has been described as an architectural reawakening for Potts Point.

The sales momentum highlights the prized status of the development which brings into focus the revitalisation of the inner-Sydney suburb.

“Local buyers were among the first to take a foothold after the official launch, but now we’re seeing buyers from all over Australia converging on Queensgate, with many from Brisbane and the Gold Coast snapping up apartments during the holiday period,” said Iris Capital CEO Sam Arnaout.

“Queensgate undoubtedly represents a strategic acquisition for many buyers looking to secure a position in this dynamic urban precinct.”

Among the recent sales was a one-bedroom apartment without a carpark for $2.2 million, while two-bedroom apartments have sold for between $4 million and $6 million.

Total sales to date now account for 23 of the 48 apartments available at Queensgate, which offers one-, two- and three-bedroom layouts. Each of the five buildings within the development has its own penthouse, some with a private rooftop swimming pool.

The Queensgate collection comprises the Sovereign, Regent, Monarch, Consort and Empress buildings which boast individual designs and their own lobby. There are no more than 10 apartments in each structure.

Queensgate residences have been elevated by artistic finishes, boasting soaring ceilings, a limited collection of private wine cellars, and cavernous walk-in wardrobes, all encased in a breathtaking heritage façade.

Ben Stewart, Senior Director – CBRE Residential Projects – said the sales were remarkable given the launch during the quiet Christmas period.

“The sales achieved over the holiday period are remarkable as this is traditionally the quietest period for property sales in Sydney,” said Mr Stewart.

“It’s rewarding to see buyers sharing our vision for the revitalisation of this precinct and appreciating the iconic nature of this development.”

For generations, Darlinghurst Road has played a dominant role in the urban identity of Sydney’s gritty inner-urban neighbourhoods.

“However, the area has evolved in recent years with chic bars and retail boutiques positioning it as a highly sought-after residential location,” said Mr Stewart.

“Today, it is very chic and very bohemian with a host of funky laneways that create a truly diverse urban environment that is resonating with high-end buyers.”

Queensgate apartments will offer spectacular views across Sydney’s CBD skyline, the harbour and Rushcutters Bay.

The development will further enhance the existing Potts Point dining and entertainment scene with its own collection of bars, restaurants, bakeries and cafes along the ground floor.

Iris Capital is a leading fully integrated development and hospitality group that has been a pioneer of integrated mixed-use and residential developments, gradually amassing a $1.6 billion workbook value across its 26 years of operation.

The company was founded in 1995 with a vision to develop a substantial portfolio of assets in the hospitality industry. Since then, the company has evolved to become a leading developer of high quality, integrated residential and mixed-use developments across the eastern seaboard.

 With an enterprise value of over $3 billion, a staff base of over 1,100 and over 2,000 apartments completed or in the pipeline, Iris Capital is one of Australia’s most prolific developers.