Decode Tapped to Build Landmark Potts Point Project

Iris Capital’s placemaking Queensgate project is steaming ahead after appointing Decode to build out the five-building development. 

The combined site comprises the former Bourbon and Beefsteak pub and Les Girls nightclub, which were infamous haunts in the Kings Cross red-light district. 

But the 48-apartment and 65-key luxury hotel at the corner of Macleay Street and Darlinghurst Road will reinvigorate the precinct as the Parisian quarter of Sydney, according to Iris Capital chief executive Sam Arnaout. 

Arnaout said a boutique demolition plan had been devised to retain and restore the seven levels of heritage facade for the “generational project”. 

He said the five buildings designed by Tomkins Zulka Greer and Panoff Scott would feature their own character after extensive consultation with the council and community. 

▲ The Queensgate mixed-use project has an end value in excess of $350 million.

It is the second time Iris Capital has collaborated with Decode—the pair teamed up earlier this year to deliver a mixed-use development at Homebush.

“[This] announcement means the continuation of our strong partnership with Decode that will see our Queensgate development at Potts Point come to life,” Arnaout said. 

“It’s no secret that post-Covid the current environment is challenging for developers and builders alike.

“With 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 rated and has attention to detail that is second to none.”

Decode Group’s founder Sam El Rihani said the builder was “delighted” to work with Iris Capital again.

“We have an exceptional track record of constructing high-end residences and working with heritage elements with award-winning projects such Grande Pyrmont Bay Estate and Burwood Grande,” El Rihani said.  

“This is a landmark project for Iris Capital, for us and for the City of Sydney, given its prominent location and cultural and heritage significance.”

The inner-Sydney mixed-use project at 18-32 Darlinghurst Road incorporates a row of five multi-storey buildings across the 0.25ha site. 

▲ A render of Iris Capital’s Victoria & Albert dual tower development at Broadbeach, which it created its own construction arm to deliver.

The developer lodged minor amendments that included apartment amalgamations and purchaser amendments earlier this year. 

The five buildings include the Lowestoft, built in the 1890s, which will be renamed Sovereign while next door the three-storey Regent and its Bourbon Bar will be restored.

Further down the road, a pair of post-war houses will be adapted into another apartment building, Monarch. The Commodore, built in 1928, will become The Consort.

At the end of the row is the former home of the Carousel Lounge and Palladium nightclubs will become the last apartment building, The Empress.