Bourbon and beefsteak take on new life in epic Potts Point $350 million architectural revival

Icons of the Sydney golden era that once championed the city’s most vibrant nightlife and celebrity haunts, the Bourbon and Beefsteak pub and Les Girls nightclub, will soon be revitalised in an $350 million residential revamp of the famed Potts Point precinct. 

Iris Capital, one of Australia’s largest privately owned property and hospitality groups, has unveiled its visionary plans for an architectural reawakening of the 18-32 Darlinghurst Road site which will see the historic façade of The Bourbon hotel retained alongside a brand new collection of residences. 

Earlier this year Iris Capital received the green light from local council to deliver ‘Queensgate’ – an architecturally rich suite of 5 boutique residential buildings each boasting their own art-deco inspired identity and rising from a 2,500 m2site at 18-32 Darlinghurst Road. 

Iris Capital CEO Sam Arnaout first acquired the Bourbon and Beefsteak site over 7.5 years ago and began gradually amalgamating its neighbours over the subsequent 18 months before submitting a DA to local council in 2018. 

“I have long been a big believer in this pocket of Potts Point, and the Queensgate vision is one which we have been working incredibly hard at for some time now,” said Mr Arnaout. 

“Breathing new life into key destinations with high quality redevelopment is one of the hallmarks of Iris Capital and we are extremely eager to see this unique revitalisation come to fruition in the coming months.” 

With approvals now firmly in place the company is gearing up to launch the architectural masterpiece to market in what Director of CBRE Sydney, Ben Stewart describes as the most hotly anticipated releases the Eastern suburbs have welcomed in some time.

“Queensgate symbolises the next phases in the Potts Point renaissance, one which pays tribute to Potts Point’s art deco roots while moving forward with a contemporary collection of sophisticated residences,” said Mr Stewart. 

Just 48 high-end apartments will be on offer across a selection of 1-,2- & 3-bedroom floorplans in addition to an exclusive collection of ultra-luxury penthouses with private pools.

A selection of 3-bedroom apartments will also house their own private wine cellar. 

Apartment prices start from $1.8 million for 1-bedroom, $2.8 million for 2-bedroom, $5 million for 3-bedroom, and $10 million for penthouses. 

“We’ve already seen strong interest from both local and interstate buyers who are eager to get their hands on an incredibly rare product set in one of the city’s most thriving dining and retail cultures.”

Perched at the heart of the waterside suburb, Queensgate will unlock unrivalled views across the CBD, Sydney Harbour Bridge and back towards Rushcutters Bay Harbour.

“Residents will be able to step out their front door and straight into a world class collection of cafés, boutiques and bars, nestled in an activated laneway with fantastic new amenity and upmarket retail,” said Mr Stewart. 

Each residence has 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.

As the home of Australia’s highest concentration of Art Deco buildings and some of Australia’s earliest block of flats, Potts Point’s cityscape is one of juxtaposition, where modern high rises border historic landmarks. 

In tribute to this, Queensgate’s design was bred from a diversity of input including architects Panov Scott and Tonkin Zulaikha Greer (TZG) who devised five distinct personalities for each of the buildings, and interiors by TZG and BKH.

“Our philosophy has always explored the crossover between art and architecture, and Queensgate epitomes that intersection of high-end design,” said Tim Greer, Director of TZG. 

“We wanted to produce a collection of homes that were deeply reflective of the Potts Point character while offering the most high-end and modern luxuries available in residential design.”

Iris Capital is an industry leader in mixed-use developments which has grown to create $3 billion in enterprise value over more than 25 years with the Iris Capital group now generating annual revenue of $500 million and employing more than 1200 people across Australia.