A luxury Newstead penthouse has set a new sales benchmark for Brisbane apartments after being snapped up for just short of $4 million.
The sale of the 350 sqm property is equivalent to $19,000 per sqm, marking the highest rate per sqm for a non-riverfront apartment in Brisbane.
Crowning Newstead’s Chester and Ella development, the stylish pad is a fine example of inner-city living and it came as no surprise to listing agent Brett Greensill, of McGrath, that it was the subject of such intense interest.
“With the arrival of premium owner-occupier developments like Chester and Ella, we are seeing an entirely new buyer market drawn to our city fringes and the riverfront is not their sole focus,” Brett explains.
The apartment sits metres away from some of the city’s most popular eatery hubs like Emporium and Gasworks.
“People want to live close to vibrant, aspirational cultural precincts that allow them to step into another world and experience the very best of their city’s food, music and retail culture,” he says.
Melbourne-based developers Kokoda Property enlisted the help of designers Hayball and Ministry of Design to combine with Hutchinson Builders to create the Chester and Ella project.
Kokoda Managing Director, Mark Stevens, adds that the landmark sale highlights the importance of nearby amenities in buyers’ decision making process, as well as the desire to secure a premium property.
“For a city bolted to its river, it’s a significant shift in focus for luxury property – with culture precincts such as James Street proving just as desirable, and valuable, as the waterfront,” he says.
“The strength of Brisbane’s property market is a testament to its lifestyle and long-term economic drivers and it’s fair to say that the sophistication of the city’s cultural precincts now ranks just as highly when it comes to enduring value.”