It was described as a “large” — the Gold Coast’s first high-rise constructing of ten storeys topped by a spacious high ground condo with all of the mod cons.
However 60 years on, the $650,000 sale of the heritage-listed Kinkabool penthouse makes it probably the most inexpensive available on the market and stands in stark distinction to the $15m-plus “tremendous penthouses” rising on the Glitter Strip.
A “nostalgic” purchaser who owns different items within the Hanlan St constructing was “ecstatic” to safe the 250sq m Kinkabool penthouse at an “entry degree value”, mentioned advertising agent Bob Rollington, of Surfers Paradise First Nationwide.
Mr Rollington, who held an workplace inside the Kinkabool constructing for 40 years, mentioned the penthouse was initially owned by the late Sir Roderick Proctor, founding chairman of Jupiters On line casino, and his spouse, Woman Jan Proctor. It bought for the primary time in 2019 for $450,000.
Kinkabool was inbuilt 1960, the primary of the towers which might exchange fibro vacation shacks alongside the sand and rework Surfers Paradise into a world tourism mecca.
In 2009 it was added to the QLD heritage register and is the one constructing of its period nonetheless standing.
“Though by at this time’s requirements it’s slightly child constructing, you usually get improbable views whenever you’re on the highest so a penthouse is a superb different to a home and the older buildings are clearly engaging as a result of they’re cheaper,” Mr Rollington mentioned.
“However the memorabilia type was an enormous a part of the attraction for the customer. The penthouse was bought absolutely furnished with interval items that Woman Proctor had and he was so completely satisfied; he doesn’t need to change a factor.”
In value and dimension, the Kinkabool pales subsequent to the $15.25m Soul Penthouse, which set a QLD public sale file when it went underneath the hammer in Could. Tah-nee Beard, founding father of streetwear model Tradition Kings, was high bidder for the 1,070sq m prize.
However even that benchmark might quickly be eclipsed, as cashed-up interstate patrons financial institution on historic low rates of interest to put money into luxurious actual property, with the lock-and-leave attraction of a skyhome by the ocean high of want lists.
In response, builders are racing to current the biggest and most lavish “tremendous penthouse” with six-star options to rival any resort.
COAST by Sammut Group has launched off-the-plan gross sales of 49 residential-only flats comprising the 34-storey beachfront tower on Garfield Tce, with 70 per cent of items already snapped up at costs of as much as round $8.7m.
Its showpiece, although, might go for twice as a lot: a three-level, four-bedroom tremendous penthouse spanning 1,132sq m with a grand spiral staircase and glass elevate, main as much as a moist edge pool, non-public spa, sauna, bar and leisure space.
Tolemy Stevens, of Harcourts Coastal, is advertising the challenge with David Highland, of Highland Undertaking Advertising. Mr Stevens additionally led the gross sales marketing campaign for the Soul Penthouse with Harcourts director, Dane Atherton.
“Whereas the Soul penthouse was really an iconic and spectacular piece of actual property, in my view the penthouse at COAST will eclipse Soul in some ways,” Mr Stevens mentioned.
“It’s positioned beachfront, in a model new, residential-only constructing and will probably be accomplished to the very best customary of specification.
“I’m definitely fairly assured that when the perfect purchaser is discovered will probably be at a considerably increased value, and can subsequently break the value file for the Gold Coast or Queensland,” he mentioned.
Mr Stevens mentioned the Gold Coast’s penthouse market had now reached a degree of maturity the place patrons might fulfill their necessities for finances, dimension, location and elegance.
“Penthouses, as soon as upon a time, was an inventory that might sit available on the market for months or typically for years, however now they’ve come into their very own,” he mentioned.
“I’m discovering days on market are drastically down and usually penthouses are promoting much more rapidly than a standard condo, and I assume that speaks about patrons seeing worth and being assured sufficient to take a position this form of cash within the Gold Coast and that has been an enormous change.”
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Additionally on the beachfront, development is underway on Meriton Residences’ 76-storey beachfront challenge, Ocean.
Its high two ranges will home town’s highest penthouses — two opulent skyhomes rising 251m above floor, every with 4 bedrooms, formal eating room and residential cinema with a bar, in addition to an inner elevate to a 12m rooftop pool.
Jackson Paradise, of Ray White Status Gold Coast, mentioned the marketplace for penthouses in established buildings was equally robust, with excessive demand from owner-occupiers for residential-only complexes.
Mr Paradise is advertising the Sentinel penthouse fronting the river at 42 Riverview Pde and has seen a pointy uptick in inquires throughout a variety of demographics, from each native and interstate patrons.
“Penthouses have lengthy been synonymous with actual property on the Gold Coast, and we’re presently seeing a robust demand from downsizers seeking to nonetheless have a big ground plan.
“The actual drawcard has been the residential-only buildings versus these with vacation letting.”
The Sentinel penthouse at Budds Seaside has 4 bedrooms and 5 bogs throughout 588sq m, with quite a lot of indoor and outside entertaining areas in addition to a 52ft deep water marina berth.
It will likely be auctioned on August 19.