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June 2022

Mystery Buyer Swoops On $12m Off-The-Plan Luxury Penthouse

A company director and entrepreneur has paid $12m for a luxury penthouse at Skye by Pikos, a Brisbane residential development at inner-city Kangaroo Point. 

The 400sqm penthouse comprises four bedrooms, a multipurpose room, four bathrooms, a powder room and a gourmet kitchen – all with uninterrupted views of the CBD skyline, South Bank, the City Botanic Gardens and the Brisbane River.

The off-the-plan sale was negotiated by GAP Development Sales director Grant Plummer, who said the purchase was a major vote of confidence in Brisbane’s premium residential market.

To date, 32 of the 68 apartments in the $260m complex on the former Banyan Tree residential site have sold to a range of owner-occupiers, who are typically empty-nesters ranging in age from their late 40s to over 70.

“We have one interesting buyer. She lives in London, on the Thames, but is from Brisbane originally and plans to live here three months of the year,” Mr Plummer said.

However, he said most buyers were downsizers selling big homes in the suburbs but still wanting plenty of space. Many were business owners or professionals such as lawyers and dentists. Pikos Group bought the site 18 months ago from Singapore-based Banyan Tree, which had planned more than 150 apartments.

Mr Plummer said there were several three-bedroom apartments left, priced from $3.5m to $3.8m, as well as an $11.5m penthouse, which has 4 bedrooms, as well as a cinema room and 270-degree views of Brisbane. He said the $12m purchase by the Brisbane company director highlighted the strong run of sales in the project, with $120m worth of apartments now sold. 

Construction of Skye by Pikos will start in August, with completion anticipated by the end of 2024.

The $12m penthouse will include a 7000-bottle wine-tasting room with custom teak joinery, a tropical outdoor shower enclave, an infra-red saunce, 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.

Mr Plummer said the buyer, who did not want to be identified, intended to live in the penthouse until he retired in five to 10 years. Evoking an experience reminiscent of a luxury international hotel, the “home in the sky” will also feature high-end timber and travertine flooring, floor-to-cieling windows and cabinetry, as well as Ventian Marmorino plaster feature walls.

Skye by Pikos occupies a 2300sqm site at 8 River Tce, above the Kangaroo Point Cliffs. Comprising three towers, the development will feature a 1000sqm sky deck, a rooftop infinity pool and a rooftop restaurant.

“We are seeing huge levels of confidence in premium world-class projects such as Skye by Pikos,” Mr Plummer said.

“Brisbane has become a city of choice for discerning buyers because of the lifestyle, comparative affordability and its arrival on the world stage with the Olympic Games coming in 2032.”

Pikos Group has appointed a local family company, Tomkins Commercial and Industrial Builders, to build the project. Queensland is yet to suffer the real estate slowdown of the other eastern seaboard states given it operates later in the property cycle, according to McGrath Real Estate Agents chief executive officer John McGrath.

Article by The Australian.