Record high: $16.5m penthouse rivals Brisbane's biggest ever home sale

The sky’s the limit for Brisbane’s luxury apartment market with the $16.5m sale of a penthouse in New Farm smashing the city’s unit sale price record.

The 'Argyle' by Tom Dooley Developments in New Farm, where the penthouse has sold for $16.52m.

A Brisbane apartment has just settled for $16.5m in a record deal that comes close to eclipsing the city’s biggest home sale of all time.

The two storey, 700 sqm sky home crowning developer Tom Dooley’s ‘Argyle’ project in New Farm has sold to a local businessman for the eye-watering price, which smashes Brisbane’s unit sale price record.

The view from the penthouse in 'The Argyle'.

The sale price of the penthouse at 49 Maxwell Street is only $2m shy of the city’s biggest residential home sale ever recorded, which was in 2017 when the cliffside mansion at 1 Leopard St, Kangaroo Point, fetched $18.48m.

While the cost of living may be soaring, the price of house-sized, luxurious apartments has hit dizzying new heights, with the penthouse in Spyre Group’s ‘Moray House’ in nearby Moray Street, New Farm, fetching $15.75m off-the-plan in January.

The kitchen in the penthouse in 'The Argyle' development in New Farm.

Just days later, the apartment topping Cavcorp’s ‘Luminare’ project in Newstead sold for $12.95m to Domino’s Pizza boss Don Meij.

For $16.52m, the buyer of the ‘Argyle’ penthouse will enjoy elevator entry and private access to a five-car parking compound, four ensuited bedrooms, six bathrooms, formal and informal dining areas, a living room with two-way fireplace, a kitchen with butler’s pantry, a multipurpose room with wine room, a bar, a TV room, a home office, a cloak room, a luggage room, a wine room, and multiple expansive terraces.

The view from the development is impressive.

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They also have their own private rooftop level with a 20m heated pool, more living and dining spaces, and spectacular views across the city.

The penthouse is one of just 13 luxury homes in the building, consisting of three and four-bedroom, house-sized apartments, sub-penthouses, and a ‘riverhome’.

The his and hers dressing room is huge.

Each apartment enjoys panoramic views of the Brisbane River, Story Bridge and CBD skyline, from behind floor-to-ceiling glass or out on the balcony.

Half of the apartments sold for more than $8m each, including the penthouse.

All sales were contracted in 2020, followed by two years of tough building conditions, delays, and price hikes, induced by Covid.

The rooftop pool and outdoor living area.

“I’d love to be selling Argyle again now,” Tom Dooley of Tom Dooley Developments said. “It was a difficult project to build during Covid.”

Mr Dooley said he believed the quality of the build was second to none.

“There is nothing like this.”

The master ensuite in the penthouse even has a view.

He said a lack of supply of high-end product for a long time and a shortage of quality development sites was driving demand for luxury apartments in Brisbane.

The increasing appetite for penthouse living is clear, with the sky home in a new development under construction in Kangaroo Point called ‘Skye’ by Pikos Group selling for $12.5m in June last year.

An artist's impression of the view from one of the apartments in 'Moray House', where the penthouse sold for $15.75m. Supplied by Spyre Group.

The penthouse will include a 7000-bottle wine-tasting room with custom teak joinery, a tropical outdoor shower enclave, an infra-red sauna, a walk-in robe and dressing room, a built-in breakfast booth, a rooftop entertainment area with outdoor cinema, an outdoor kitchen, a fireplace and a private pool.

Another penthouse in the project has sold for $10.5m, while two sub-penthouses have fetched$8.5m and $8m, and a four-bedroom apartment has sold for $6.1m.

A render of one of the penthouses in ‘Skye’ by Pikos Group in Kangaroo Point.

Pikos Group managing director Pedro Pikos said expats relocating to Brisbane and southerners were the main buyers in the $250m project, which will comprise three towers and 70 apartments.

“Another $50m in sales has come from locals, many of them empty nesters, cross-sizing into something luxurious and house-sized yet low maintenance which they can lock up and leave if they wish to travel,” Mr Pikos said.

Construction is underway on the luxury residential project ‘Skye’ by Pikos Group, which is approaching $200m in sales.

“A further $20m in sales is correlated to the 2032 Olympics, where Skye will offer one of the best vantage points to see the city in all its glory.”

A host of other sky homes are up for grabs in Brisbane, including the penthouse in Spyre Group’s ‘Arc’ development in Toowong, which carries a $14.5m price tag.

Soaring 274 sqm, a three-level penthouse the Brisbane Skytower building at 222 Margaret Street is also on the market.

A render of the $14.5m penthouse planned for Spyre's 'Arc' development in Toowong.

Records show property tycoon Alex Sekler paid $10.26m for the apartment in August 2020.

Consolidated Properties’ ‘Monarch’ development on the former ABC site on Coronation Drive in Milton will feature an incredible 11 penthouses and nine sub-penthouses.

And Kokoda Property’s ‘The Ambrose’ project in Milton is almost sold out, with the four penthouses yet to be launched to the market.

The luxury developer has just paid $11m for another site in Milton with plans to build a new $160m, 22-storey apartment project, with amenities including a rooftop pool, private dining, health and wellness space and gym.

A render of the bathroom in the $14.5m penthouse planned for Spyre's 'Arc' development in Toowong.

Kokoda Property managing director Mark Stevens said he believed Brisbane’s residential market was primed for growth.

“Brisbane is rapidly transforming into a new world city,” Mr Stevens said. “Its culture,

business centre, technology, and lifestyle is evolving with over $40b of infrastructure investment planned, so naturally there is a shift occurring with demand now skewed towards sophistication and luxury residential design.”

The rooftop at Cavcorp’s ‘Luminare’ project in Newstead, where the penthouse has sold for $12.95m.

10 OF THE BIGGEST APARTMENT SALES IN BRISBANE

1. Penthouse, ‘Argyle’, 12/49 Maxwell St, New Farm $16.52m (Settled Feb 2023)

2. Penthouse, ‘Moray House’, 65 Moray St, New Farm $15.75m (Jan 2023)

3. Penthouse, ‘Waterfront’, Teneriffe $14.25m (2008)

4. Penthouse, ‘Luminare’, 20 Festival Pl, Newstead, $12.95m (Feb 2023)

5. Penthouse, ‘Skye’, River Tce, Kangaroo Point $12.5m (Jun 2022)

6. Penthouse, ‘Azure’, 156 Oxlade Drive, New Farm $11.3m (Mar 2022)

7. Penthouse, ‘Skye’, River Tce, Kangaroo Point $10.5m (Jun 2022)

8. Penthouse, ‘Brisbane Skytower’, 222 Margaret St, Brisbane City $10.26m (Aug 2020)

9. Penthouse, ‘Cutters Landing’, 1821/22 Refinery Pde, New Farm $10m (Jan 2022)

10. Sub-penthouse, ‘Skye’, River Tce, Kangaroo Point $8.5m (2022)