Exclusive first look: Inside Brisbane’s most expensive apartment
Brisbane is set to achieve its first ever $20m home sale, with an iconic penthouse hitting the market. TAKE THE VIDEO TOUR
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Brisbane is on track to achieve its first ever $20m residential sale, with an iconic riverfront penthouse hitting the market and a string of record-breaking deals so far this year.
Industry experts say 2023 will be the year the city’s top home sale is smashed, with unprecedented demand for prestige properties over $5m, despite cost of living pressures and rising interest rates hurting the lower end of the market.
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A massive penthouse in Newstead has just been listed for the first time in 15 years with Matt Lancashire of Ray White New Farm and Sarah Hackett of Place Estate Agents, with high hopes it could smash the current Brisbane home sale price record of $18.48m.
The grand 1060 sqm apartment crowning Mirvac’s ‘Pier’ development at 250/1 Newstead Tce, Newstead, is owned by high-profile company director Howard Stack and his wife, Hilary, who paid $14.25m for it in 2008 — setting a new Brisbane residential record at the time.
The penthouse in the $10b Waterfront development was lauded at the time it was built by Mirvac for its urban renewal to a five-star, luxury hotel level.
The four-bedroom residence boasts its own heated infinity pool, sauna, and wine cellar, and sits high above the Brisbane River with 50m of direct water frontage.
“The size of all the spaces is unmatched, and the attention to detail and quality of the
finishes makes each space feel special,” Mr Lancashire said.
“In the current construction environment, with the scarcity of riverfront land, it is unlikely that anyone will be able to build anything of this size over one level and to this standard.
“Brisbane has not built anything like it since and I am confident we’ll see huge interest locally and from overseas.”
Place New Farm principal Sarah Hackett said the property was “unlike any other I have listed in my career”.
Mrs Hackett said Brisbane was due for a $20m sale, and she had a number of buyers with that kind of money.
“We presented a confidential list of candidates to the Stacks who certainly could afford this (penthouse) and we locked in some private appointments,” Mrs Hackett said.
“We have 13 prospective clients looking in this price range for a one-of-a-kind penthouse.
“This was Mircac’s statement entry into the luxury residential market in Brisbane. There’s 50m of direct river frontage in this apartment.”
Mr Stack, a former chair of the Brisbane Grammar School Board, and his wife, Hilary, made the decision to buy the penthouse off-the-plan in just two hours back in 2008.
“We knew there would never be a riverfront penthouse built like it again, and we did not want
to miss it,” he said. “It was spectacular — a once in a lifetime opportunity.
Mr Stack, 78, is now retired from all board positions and the family’s need for corporate style
entertaining is no longer needed.
“We are spending less and less time here,” he said. “Our Gold Coast home is the family’s centre of gravity now.”
Mrs Stack said she had hosted many memorable occasions at the property, including large charity events.
“While we know it’s time to move on after more than a decade, I will miss waking up
to the incredible river views, hosting gatherings in the expansive entertaining spaces and
enjoying the spacious living areas,” she said.
“We would often say; ‘God, this place is amazing, but do we really need it for just the two of us?’”
Entry to the penthouse is via an elevator, which opens directly into a gallery space where the Stacks hang their art collection.
There are four bedrooms — all with ensuites and balconies — and the master suite has a huge walk-in wardrobe and dressing room and an ensuite with a spa bath and double shower and vanities.
The outdoor entertaining terrace is 400 sqm alone, with a full outdoor kitchen, heated infinity pool, and sauna.
There’s also a 1200-bottle temperature-controlled wine cellar, large office, and a media room.
The Stacks also made sure the builder cantilevered the full width of the apartment so there are no structural columns inside — unlike many other apartments across the city.
The property is for sale via an expressions of interest campaign, which closes on May 30.
It comes as demand for prestige property in Brisbane — particularly on the Brisbane River — reaches new heights, with at least five home sales above $10m already recorded in 2023.
Earlier this year, the Brisbane apartment record was smashed when the penthouse in Tom Dooley’s ‘Argyle’ development settled for $16.52m.
Just last week, a riverfront site at 18 Oxlade Drive, New Farm, settled for $15m after being purchased by a consortium, including Cavcorp managing director Damien Cavallucci.
The penthouse in Cavcorp’s ‘Luminare’ apartment building sold off-the-plan in February to Domino’s Pizza boss Don Meij for $12.95m.
In January, the penthouse crowning Spyre Group’s yet-to-be-built development, ‘Moray House’, sold for $15.75m.
10 OF BRISBANE’S TOP SALES OF 2023 SO FAR
1. ‘The Argyle’ penthouse, 49 Maxwell St, New Farm, $16.52m
2. ‘Moray House’ penthouse, 65 Moray St, New Farm, $15.75m
3. 18 Oxlade Dr, New Farm, $15m
4. ‘Arc Residences’ penthouse, 570 Coronation Dr, Toowong, $13.65m
5. ‘Luminare’ penthouse, Festival Plc, Newstead, $12.95m
6. 90 Virginia Ave, Hawthorne, $11m-plus
7. 22 Quay St, Bulimba, $10.4m
8. 22A Crescent Rd, Hamilton, between $9m and $10m
9. 58-62 Kingsholme St, Teneriffe, $8.5m
10. 1101/18 Park Ave, East Brisbane, $7.3m
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