Iris Capital cracks the Potts Point code with luxury development

An artist’s impression of the $220m Queensgate luxury apartment development at 18-32 Darlinghurst Rd in Potts Point.

Developer Iris Capital is moving ­forward with its $220m Queensgate luxury apartment development on the former Bourbon & Beefsteak site in Sydney’s Potts Point with 60 per cent of apartments now sold and a builder appointed.

Iris Capital chief executive Sam Arnaout said it was no secret that after the pandemic, the environment was challenging for both developers and builders.

“(Given) the impacts of materials and labour supply issues, rising interest rates and costs – it’s critically important to have the right builder as a partner who you can trust, know has a track record in delivery, is iCIRT (iCIRT is an independent construction industry star-rating tool) rated and has attention to detail second to none … for all these reasons we look forward to again working with Decode to deliver this generational project,” he said.

Designed by Tomkins Zulka Greer and Panoff Scott, Queensgate comprises five separate buildings.

Decode will construct the five-building complex with $145m of apartments now sold through CBRE’s Ben Stewart. Mr Stewart said that while one $16m penthouse had sold, there were still two penthouses, one with an $18m price tag and another with a $16m penthouse still available.

Designed by Tomkins Zulka Greer and Panoff Scott, Queensgate comprises five separate buildings, including 48 luxury one, two and three-bedroom and penthouse apartments, a 65-room premium hotel, ground-floor retail including a through site link and four levels of basement parking.

Each building will have its own personality and character, with designs that were crafted with significant input from the council and local community to restore and reinvent the classic architecture that defines Darlinghurst Rd and Macleay Sts as Sydney’s so-called Parisian quarter.

Extensive retention of the key heritage elements would link Queensgate to the rich history of the area’s colourful past and cosmopolitan lifestyle, Mr Arnaout said.

Iris has previously worked with Decode to build a mixed-use development at Sydney’s Homebush earlier this year.

Meanwhile, at Potts Point, with seven levels of heritage facade to retain, a boutique demolition plan has been devised as part of early works that will ensure no damage is done to the historic frontage of the existing buildings. The project has seen a strong response from the property market since its debut, including the sale of a penthouse apartment valued at $16m.

Decode has previously worked on projects, including Grande Pyrmont Bay Estate and Burwood Grande.