From investors to downsizers: Why Broadbeach's $1 billion Victoria & Albert is attracting a broad buyer market

A typical new apartment development will often have a clearly defined target buyer. Some are designed specifically for downsizers and retirees, while others are geared towards first home buyers, young professionals, families or investors.

What has become increasingly apparent to Iris Capital and Colliers, the developer and sales team behind the $1 billion Victoria & Albert development in Broadbeach, is that there is no single predominant buyer demographic.

The twin-tower development at 20 Albert Avenue has attracted an almost even split between investors and owner-occupiers, with purchasers ranging from South East Queensland locals looking to downsize or upgrade their lifestyle to interstate buyers seeking a holiday home, future retirement residence or long-term investment.

While their reasons for buying vary, the common requirements have been remarkably consistent. Generous apartment layouts, quality finishes, extensive resident amenity and a location within walking distance of the beach, restaurants, shopping and entertainment have appealed to buyers across different demographics.

For investors, the appeal extends to the potential for long-term capital growth in one of the Gold Coast's most established coastal suburbs, while owner-occupiers have been drawn to the prospect of a low-maintenance home with the lifestyle facilities typically associated with a luxury resort.

Victoria & Albert is being developed by Sydney-based Iris Capital, the integrated development and hospitality group established in 1995 and led by developer and hotelier Sam Arnaout.

Iris acquired the former Niecon Plaza site in 2021, with the development representing its largest move into the Queensland market to date.

“We have a unique opportunity to create something extraordinary for Broadbeach and we don't take that responsibility lightly,” Arnaout says.

The $1 billion precinct comprises two residential towers, the 40-storey Albert and 64-storey Victoria, rising above a substantial subtropical recreational podium. Boutique retail and dining tenancies will occupy the ground floor, with two levels of commercial office space above.

Gold Coast architecture practice DBI, whose portfolio includes Jewel and the JW Marriott on the Gold Coast, has been responsible for the architecture, apartment interiors and the design of the shared amenity spaces.

Across the two towers, V&A will deliver 425 residences, ranging from one to four-bedroom apartments through to substantial sub-penthouses and full-floor penthouses.

The interiors take inspiration from the surrounding coastline and hinterland, with residences featuring engineered timber flooring, timber veneers, stone benchtops, designer tapware and integrated European appliances. The Coastal scheme is available to buyers.

Floor-to-ceiling glazing is a feature throughout, while larger apartments offer additional multi-purpose rooms and master retreats, appealing to buyers who want the flexibility of a home office, guest accommodation or additional living space.

Two-bedroom apartments are priced from $1.91 million for a 78 sqm residence, while four-bedroom apartments start from $5.47 million for 293 sqm.

At the upper end of the market, sub-penthouses start from $8.8 million and penthouses from $25 million. The two full-floor penthouses, Oceania atop Victoria and Kuwarra atop Albert, span more than 736 sqm and almost 778 sqm respectively.

“Every detail, every finish has been thoughtfully considered to imbue the penthouses with the ultimate sense of luxury,” DBI Director of Interior Design Anna Goh said of the residences.

One of the defining features of Victoria & Albert, and a significant part of its appeal to such a varied buyer demographic, is the more than 3,500 sqm of resident amenity spread across the podium and rooftop.

The Victoria Club, located on the level four podium, will offer a 20-metre lap pool, spa and children’s pool, alongside a gymnasium, zen garden, steam room, sauna and more.

The extensive entertaining facilities include a barbecue pod, lounge deck, cafe and indoor cinema. A dedicated children’s club also caters to families and visiting grandchildren.

The Albert Club sits alongside it on the podium, with a resort and lap pool, spa, gym, zen garden and yoga lawn, along with lounge decks, a barbecue deck, a lawn terrace, a library and a multi-function room.

Further amenity will be located on level 64 of the Victoria tower, where the Victoria Sky Lounge will feature a sports lounge, private dining room, meeting rooms, yoga/pilates room and outdoor entertaining areas. A separate private function space will include its own kitchen, dining room, lounge and terrace.

On level 40 of the Albert tower, the Albert Sky Lounge includes a lounge with a wraparound balcony, an indoor/outdoor entertainment terrace, private dining, meeting rooms, yoga/pilates room, games lounge, library lounge and more.

The scale and variety of these facilities mean residents can use the development in different ways, whether as a permanent home, a holiday base or somewhere to eventually retire.

Beyond the development itself, Broadbeach's established lifestyle offering has been another consistent factor in purchasing decisions.

Kurrawa Beach is a short walk from the site, while the surrounding streets are home to an extensive selection of restaurants, cafes and bars. Supermarkets, fresh food retailers, medical and wellness providers and everyday services are all nearby.

Pacific Fair Shopping Centre, the Gold Coast Convention and Exhibition Centre and the light rail are also within easy reach, giving residents the option of going about much of their day without relying on a car.

“V&A is arguably the Gold Coast's most walkable new address. Everything you need is at your fingertips,” Arnaout says.

The breadth of the buyer market has translated into significant sales activity since the project launched in 2021.

Late last year, Colliers Queensland Director David Higgins reported more than $500 million in presales, with over 65 per cent of the development sold.

Construction is being undertaken by Iris Built, Iris Capital's in-house construction arm, with work now progressing well above ground. The podium is taking shape, facade installation has commenced on Victoria and the cores of both towers continue to rise.

The 40-storey Albert tower and 64-storey Victoria tower are due for completion in early 2028.