Penthouse apartment that was once Brisbane’s most expensive is on the market

Howard and Hilary Stack set a record in 2008 when they paid $14.25m for Mirvac’s Pier Newstead Apartments penthouse and now they’re selling up.

Howard and Hilary Stack are selling up. Picture: Lyndon Mechielsen

A penthouse that once held the mantle as Brisbane’s most expensive apartment has hit the market for the first time in 15 years.

And the owners, Howard and Hilary Stack, say their time there was worth every dollar.

“We love it, absolutely,” Ms Stack said.

“It’s lovely sitting out here for an afternoon and watching the river traffic go up and down.”

The couple were the first to inspect the plans for the crowning jewel of Mirvac’s Pier Newstead Apartments in 2008.

Within two hours, they had bought the 1000 sqm river-hugging home with 50m water views for a then ­record price of $14.25m off the plan.

At the time, they were living at Kenmore, west of the Brisbane CBD, on acreage set back from the river.

The spacious kitchen and open-plan dining area. Picture: Liam Kdston

While they loved their life in the riverside suburb, the home was large and took time to maintain, which became more taxing as their children had moved out.

“Coming from acreage to apartment living, we didn’t compromise on privacy,” Ms Stack said.

Mr Stack is one of Brisbane’s best-known deal-makers and company directors. He retired as chairman of Brisbane Grammar School after 30 years of service to the school.

The penthouse has unmatched views.

The listing will result in Ray White The Collective principal Matt Lancashire and Place New Farm principal Sarah Hackett teaming up to strike a deal. They will be taking expressions of interest until May 30.

The private elevator of the grand penthouse opens directly into a light-filled art gallery, which the Stacks have lined with pieces they have collected locally and on overseas trips. Their love of Japan is visible in several pieces of art and ornate furniture throughout the home.

The riverside home is an entertainer’s dream and the couple have hosted many personal and charity events there. Sliding doors and windows create the perfect balance of indoor-outdoor living to enjoy the view while cooking in the kitchen, relaxing on the lounge or in the private infinity pool.

Privacy and plenty of room to entertain. Picture: Liam Kidston

“Mirvac had a blank canvas. They had 300m of river … and we were able to give their best penthouse 50m of space,” Mr Stack said. “All our living areas open on to the river. It’s just beautiful.”

A formal lounge and dining room is positioned between the two ends of the apartment, which is finished with a luxurious master suite.

Tucked on the other side of the entry hall are king-sized bedrooms, each with its own wardrobes and ensuites, a media room and a sizeable laundry. Luxury was also kept in mind with the addition of a substantial wine cellar, sauna and butler’s pantry.

The property’s infinity pool. Picture: Liam Kidston

Not a single structural column can be found due to the apartment’s cantilever design.

The agents driving the sale believe the home could break price records again, with demand for luxury in Brisbane still high.

“It’s so unique and no doubt my extensive database of buyers – ­locally, interstate and overseas – will be captured by this unparalleled offering,” Ms Hackett said.

Newstead has come to life since the couple purchased off the plan. The Gasworks precinct has brought shops and restaurants to the growing area, and developers Mirvac and Cavcorp have continued to build out the suburb with luxury projects.

The home comes to the market just weeks after Mr Lancashire brokered the largest deal in the River City’s history with the sale of an absolute waterfront home in New Farm for $20.5m. The deal for the property – known as “Amity” – was negotiated off-market with an interstate buyer.

The Stacks plan to now spend more time down the coast with family – where they have a bolt­hole.