Brisbane’s Pier South penthouse scores $7.35m

A penthouse with views overlooking the Brisbane River at Newstead has sold for $7.35m – the biggest apartment sale in the city so far this year.

A riverfront penthouse within the Piers South development, in Brisbane's Newstead, sold for $7.35m.

A penthouse with views overlooking the Brisbane River at Newstead has sold for $7.35m – the biggest apartment sale in the city so far this year.

The fifth-level penthouse within the Pier South building received three written offers of more than $7m from local parties over the month-long campaign before eventually selling to a property developer, who is upgrading from another unit within the building.

Pier South holds the record for the most expensive apartment sold in Brisbane, Apartment 250, which sold off-the-plan in 2009 for $14.25m. Of the nine penthouses within the Mirvac-built project, eight are still owned by the original buyers who purchased prior to completion in 2011.

The latest sale achieved a $1.15m premium on the price the property was purchased for in 2016. Mirvac initially sold the penthouse for $5.5m.

McGrath New Farm agent Brett Greensill said local demand for the property was strong from the outset, but the vendor, a local businessman, wanted to gauge demand from the interstate and international market.

While online video and 360-degree virtual tours received generated inquiry from out of the area, Mr Greensill said it was hard to convert a sale if the property cannot be viewed in person due to COVID-19 restrictions.

Picture: Supplied.

“The local market here is very strong,” Mr Greensill said.

“The problem is we don’t have enough (stock), there are more buyers than sellers. The hype around Brisbane’s oversupply is around stock for investors. But there is not enough large and high-end property for owner-occupiers.”

Each of the three-bedrooms within the 527sq m apartment is complemented by a private ensuite.

The river can be seen from living spaces on both sides of the apartment, with views spanning to Moreton Bay to the northeast. Four car spaces can be stored within the self-contained garage.

Apartment sales along the serpentine river have proven strong over despite the uncertainty posed by coronavirus.

Mr Greensill said local developers are beginning to offer more boutique offerings geared towards the high-end buyer, citing two riverfront projects in New Farm – Kevin Seymour’s The Oxlade and Tom Dooley’s Argyle – as prime examples. However, he noted that there was a delay in delivery.

“The other two developments are at least two years away from being built,” he said.

“If you want to be in within 30 days, your options are limited.”

A fully renovated penthouse in the heart of the Brisbane CBD is still available through Place Ascot principal Drew Davis, who is calling for offers of more than $2.5m. A full-floor apartment within the Walan tower at 2 Scott St, Kangaroo Point, is under offer after asking for offers above $4m, marking yet another sale in the building for Place Kangaroo Point agent Simon Caulfield.

Three apartments within The Oxlade through the first half of June, followed the project’s launch in July 2019.