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Sydney’s leafy north just got a billionaire facelift—and no, it’s not Botox, it’s bricks. Sam Arnaout, once a humble panel beater, just dropped $450 million to buy St Ives Shopping Village like it’s a packet of gum. The man behind Iris Capital, better known for turning pubs into property empires, is now carving out his slice of suburban retail royalty—with a supermarket sandwich of Woolies, Coles, and Harris Farm.

Arnaout’s glow-up story is every LinkedIn bro’s wet dream: went from buffing bonnets to buffing portfolios. But this isn’t just a shopping centre—it’s a 25,000 square metre power move. With 11 adjoining properties rolled in, Sam basically bought the neighbourhood. St Ives used to be a quiet retiree haven.

Now it’s the latest tile in his Monopoly game—and someone just landed on Boardwalk. For the property nerds, this marks Iris Capital’s first flirtation with large-scale retail. For everyone else? It’s another episode of Rich Men Buy the World: Suburb Edition. In a city suffocating from unaffordable housing, billionaires are now buying shopping centres like they’re Pokemon.

Gotta catch ‘em all… and maybe raise the rent while they’re at it. Don’t get it twisted—this isn’t just a win for Arnaout, it’s another red flag for the growing gentrification of Sydney. As locals fight to afford groceries, billionaires are out here investing in the places selling the groceries.

The rich don’t just own the land—they now own the shopping trolleys too. No statement yet from Arnaout, but if history’s any guide, you’ll see a slick press release, a few renovations, and rents climbing higher than his portfolio value. Welcome to St Ives: proudly brought to you by late capitalism and one man’s unstoppable flex.

Sources: The Australian – “Iris Capital buys Sydney’s St Ives Shopping Village for $450m” (01/05/2025) https://www.theaustralian.com.au/business/property/iris-capital-buys-sydneys-st-ives-shopping-village-for-450m/news-story/0aa67499f2143951eb3ae83f6bacc3df