The heritage-listed Kinkabool penthouse has a new owner.
It was described as a “giant” — the Gold Coast’s first high-rise building of ten storeys crowned by a spacious top floor apartment with all the mod cons.
But 60 years on, the $650,000 sale of the heritage-listed Kinkabool penthouse makes it the most affordable on the market and stands in stark contrast to the $15m-plus “super penthouses” rising on the Glitter Strip.
Nostalgic: the Kinkabool penthouse was sold with period furniture which once belonged to the apartment’s well-heeled original owners.
A “nostalgic” buyer who owns other units in the Hanlan St building was “ecstatic” to secure the 250sq m Kinkabool penthouse at an “entry level price”, said marketing agent Bob Rollington, of Surfers Paradise First National.
Mr Rollington, who held an office within the Kinkabool building for 40 years, said the penthouse was originally owned by the late Sir Roderick Proctor, founding chairman of Jupiters Casino, and his wife, Lady Jan Proctor. It sold for the first time in 2019 for $450,000.
Kinkabool was built in 1960, the first of the towers which would replace fibro holiday shacks along the sand and transform Surfers Paradise into an international tourism mecca.
In 2009 it was added to the QLD heritage register and is the only building of its era still standing.
Soul Penthouse is QLD’s most expensive, selling under the hammer for $15.25m this year.
“Although by today’s standards it’s a little baby building, you generally get fantastic views when you’re on the top so a penthouse is a great alternative to a house and the older buildings are obviously attractive because they are cheaper,” Mr Rollington said.
“But the memorabilia style was a big part of the attraction for the buyer. The penthouse was sold fully furnished with period pieces that Lady Proctor had and he was so happy; he doesn’t want to change a thing.”
In price and size, the Kinkabool pales next to the $15.25m Soul Penthouse, which set a QLD auction record when it went under the hammer in May. Tah-nee Beard, founder of streetwear brand Culture Kings, was top bidder for the 1,070sq m prize.
An artist impression of new Surfers Paradise tower Coast by Sammut Group.
But even that benchmark could soon be eclipsed, as cashed-up interstate buyers bank on historic low interest rates to invest in luxury real estate, with the lock-and-leave appeal of a skyhome by the sea top of wish lists.
In response, developers are racing to present the largest and most lavish “super penthouse” with six-star features to rival any resort.
COAST by Sammut Group has launched off-the-plan sales of 49 residential-only apartments comprising the 34-storey beachfront tower on Garfield Tce, with 70 per cent of units already snapped up at prices of up to around $8.7m.
Veteran developer Harry Triguboff unveiled the design of his first beachfront tower, the 73-storey Ocean, which will have two luxurious super penthouses.
Its showpiece, though, could go for twice as much: a three-level, four-bedroom super penthouse spanning 1,132sq m with a grand spiral staircase and glass lift, leading up to a wet edge pool, private spa, sauna, bar and entertainment area.
Tolemy Stevens, of Harcourts Coastal, is marketing the project with David Highland, of Highland Project Marketing. Mr Stevens also led the sales campaign for the Soul Penthouse with Harcourts director, Dane Atherton.
“While the Soul penthouse was truly an iconic and spectacular piece of real estate, in my opinion the penthouse at COAST will eclipse Soul in many ways,” Mr Stevens said.
“It is positioned beachfront, in a brand new, residential-only building and will be completed to the highest standard of specification.
“I am certainly quite confident that when the ideal buyer is found it will be at a significantly higher price, and will therefore break the price record for the Gold Coast or Queensland,” he said.
Chevron Renaissance penthouse for sale at 3250/23 Ferny Ave, Surfers Paradise. Built by Ron Bakir, it last sold for $9.5m in 2018. It’s marketed by Tolemy Stevens, of Harcourts Coastal.
Mr Stevens said the Gold Coast’s penthouse market had now reached a level of maturity where buyers could satisfy their requirements for budget, size, location and style.
“Penthouses, once upon a time, used to be a listing that would sit on the market for months or sometimes for years, but now they have come into their own,” he said.
“I am finding days on market are drastically down and typically penthouses are selling even more quickly than a normal apartment, and I guess that speaks about buyers seeing value and being confident enough to invest this sort of money in the Gold Coast and that has been a big change.”
Riverfront: Sentinel penthouse at 42 Riverview Pde, Surfers Paradise will be auctioned on August 19. It’s marketed by Jackson Paradise, of Ray White Prestige Gold Coast.
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Also on the beachfront, construction is underway on Meriton Apartments’ 76-storey beachfront project, Ocean.
Its top two levels will house the city’s highest penthouses — two opulent skyhomes rising 251m above ground, each with four bedrooms, formal dining room and home cinema with a bar, as well as an internal lift to a 12m rooftop pool.
Jackson Paradise, of Ray White Prestige Gold Coast, said the market for penthouses in established buildings was equally strong, with high demand from owner-occupiers for residential-only complexes.
This penthouse for sale at 2481/23 Ferny Ave, Surfers Paradise is decked out in authentic Versace furniture. Offers above $5m are sought by Emil Juresic, of NGU Real Estate.
Mr Paradise is marketing the Sentinel penthouse fronting the river at 42 Riverview Pde and has seen a sharp uptick in inquires across a range of demographics, from both local and interstate buyers.
“Penthouses have long been synonymous with real estate on the Gold Coast, and we are currently seeing a strong demand from downsizers looking to still have a large floor plan.
“The real drawcard has been the residential-only buildings as opposed to those with holiday letting.”
The Sentinel penthouse at Budds Beach has four bedrooms and five bathrooms across 588sq m, with a variety of indoor and outdoor entertaining spaces as well as a 52ft deep water marina berth.
It will be auctioned on August 19.
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