Brisbane Penthouse Sells for Sydney Prices in Record Deal

REAL ESTATE TARYN PARIS 11 APR 24 The Urban Developer

Kangaroo Point’s Sorano House has bagged a record-breaking sale price for its penthouse in an off-the-plan $14-million sale.?

The price represents a $45,000 per square metre rate, smashing Spyre Group’s record for its Moray House project that achieved $35,000 per square metre last year.?

The four-bedroom, two-storey penthouse is one of seven full-floor apartments in Trezetto Development’s project at 12 Hamilton Street, Kangaroo Point.?

The penthouse has 180-degree views of the Brisbane River and city skyline, four bedrooms, 5.5 bathrooms and a private rooftop with pool, spa, sauna, outdoor dining and firepit.?

Trezetto Developments managing director Sam Sgroi said the off-market deal for the Sorano House penthouse represented a “new age” for Brisbane’s luxury residential market.

“The sale of the Sorano House penthouse is testament to the maturity of the prestige market in Brisbane and the value buyers are seeing in A-grade locations, which will never be repeated,” Sgroi said.?

YPM Group project sales director Phillip Rand said the buyer, who was reportedly Brisbane-based, had been on the hunt for a unique riverfront property for two years.?

“The Sorano House penthouse sale sets a benchmark for new development in Brisbane,” Rand said.?

“This record internal sales rate has not been seen before in the Brisbane market and are the kind of values akin to Sydney’s premier and established waterfront suburbs.”

Sorano House went to market in October, 2023. Four of the six single-storey apartments have on average sold for $8.6 million.?

Construction is under way, with expected completion in early 2025. and two apartments remain with prices from $7.75 million.?

YPM Group director Bryce O’Connor said the sale price showed the “shortage of quality product in premium locations will continue to drive Brisbane’s luxury market”.

“Construction security continues to be of utmost importance to purchasers,” O’Connor said.

Kangaroo Point had caught up to nearby premium residential suburbs New Farm and Teneriffe, he said.? ?

Also nearby, Brisbane developer Pikos Group has won approval for two 15-storey residential towers in what has been touted as the city’s largest private parkland community.?

It’s been a decade in the making as the developer pieced together eight lots to amalgamate a 5285sq m site fronting the Brisbane River at Kangaroo Point.?

The 215-apartment two-tower project, Gaia, is planned for 108 Lambert Street.?

AUTHOR Taryn Paris