Breaking sale: Buyer forks out $12m-plus for Brisbane riverfront unit

A Gold Coast developer has sold his unit in one of Brisbane’s most exclusive riverfront apartment buildings for $12m-plus. TAKE A TOUR

A GOLD COAST developer has sold his unit in one of Brisbane’s most exclusive riverfront buildings for more than $12m, as more buyers choose to embrace apartment living.

Residence 9 at 49 Maxwell St, New Farm, has just been sold by Simon and Courtney Caulfield of Place Kangaroo Point to a local buyer for a price equating to more than $30,000 a square metre.

This apartment at 9/49 Maxwell St, New Farm, has sold for more than $12m. Image supplied by Place Kangaroo Point.

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Gallery Group founders Adam and Kym Barclay originally bought the luxury apartment off-the-plan in Tom Dooley Development’s ‘Argyle’ project in 2021 for some $4m less than the recent sale price.

The living area in the apartment at 9/49 Maxwell St, New Farm. Image supplied by Place Kangaroo Point.

The couple has since undertaken a significant redesign of the apartment; turning one of the original bedrooms into a formal dining room, increasing the size of the main bedroom, and enlarging the wine display room and bar.

‘Argyle’ is an iconic development on the river in New Farm that has only recently been completed. Image supplied by Place Kangaroo Point.

Mrs Barclay was behind the redesign of the space, which occupies 406 sqm, three bedrooms, four bathrooms, and four-car accommodation.

The perfectly curated interiors include black, herringbone timber floors, marble accents, bespoke lighting and handcrafted joinery.

The apartment has been designed for seamless indoor/outdoor living. Image supplied by Place Kangaroo Point.

One of only 13 apartments in the building, it enjoys panoramic views of the river and city skyline from floor-to-ceiling glass throughout the apartment and a large, entertaining terrace.

Other features include direct lift access, a cloakroom, a second living area or media room, and an office.

The view from the main bedroom. Image supplied by Place Kangaroo Point.

Mr Caulfield said the sale reflected the ongoing strength of Brisbane’s luxury apartment market, with 9/49 Maxwell St attracting four offers — the lowest of which was about $10m.

“The property was well received with a level of engagement above the norm due to the exceptional redesign and high-end custom furniture,” Mr Caulfield said.

The apartment has been redesigned by the former owners and styled with custom, high-end furniture. Image supplied by Place Kangaroo Point.

“There is more value in unique, bespoke designs that blend practical layouts with high quality finishes than stock standard, run-of-the-mill properties.”

The recently completed ‘Argyle’ also boasts a residents-only retreat and spa, a state-of-the-art gym, private lounges, a steam room, an outdoor spa, a heated pool, and a yoga area.

The 700 sqm, two-storey penthouse in the development set a new record for an apartment sale in Brisbane earlier this year when it sold for $16.52m.

Hotspotting Director Terry Ryder said apartments were outperforming standalone houses so far this year when it came to price growth, rent growth, and new dwelling approvals.

The stylish kitchen makes a bold statement. Image supplied by Place Kangaroo Point.

“There is a plethora of reasons why apartments are increasingly becoming the property of first choice for homebuyers and investors,” Mr Ryder said.

“It’s not just about affordability — although that plays a big role in our largest cities – but our population is simply embracing apartment living more because of the opportunity to reside in more desirable locations as well as having easy access to lifestyle precincts.

“Developers have also been constructing more owner occupier stock, such as three and four bedroom apartments, as well as offering superior resident facilities such as rooftop and BBQ areas, infinity pools and spas, private dining rooms, and even the complimentary use of vehicles for those who don’t have transport.”

The bar and wine display cabinet is impressive. Image supplied by Place Kangaroo Point.