A tour inside a luxury Gold Coast penthouse

(Australian Associated Press)

The Gold Coast’s most expensive high-rise penthouse has an unusual selling point – it comes with 20 car parks.

And with a $9.95 million price tag, interstate buyers could find themselves with plenty of spare cash to fill the garage.

That’s because there is a stark difference in prices in property markets along the east coast.

Sydney’s record penthouse price of $26m last year just clipped Melbourne’s $25m record.

The current apartment record on the Gold Coast is $8m for a Broadbeach penthouse.

The 9.95m four-bedroom Surfers Paradise apartment offers elite living; 360-degree views sweeping over the city skyline, the ocean and rainforest – but with a lower price than in the capitals further south.

Since it came onto the market again in July 2017, its 918 square metres of luxury has attracted plenty of interest.

It was originally listed for $12.5m in December 2016, but after a contract fell through at $11 million it was taken temporarily off the market.

Built over two levels on the 39th and 40th floors of the Surfers Paradise high-rise known as Chevron Renaissance, it features five bathrooms, including a marble master ensuite, a cigar and wine tasting area, a teppanyaki barbecue and commercial-sized bar.

Real estate agent Michael Kollosche says that in his 20-year career selling the Gold Coast’s most luxurious properties, he has never seen a penthouse that comes close to rivalling this one.

“It is without a doubt the best penthouse on the Gold Coast and every leading prestige agent that has inspected the property to date has felt the same,” he says.

Its appeal comes from special characteristics. There are no painted walls – all are textured with timber, smoked glass and marble. It is accessed by four lifts, has a 12-seat dining room and a gym and sauna on the rooftop.

Its walls also contain a slice of colourful Gold Coast history.

The two levels were previously office space used by developer Jim Raptis until he and his property empire became casualties of the Global Financial Crisis in 2008, leaving behind debts of almost $1 billion.

It was bought in 2014 by Homecorp CEO Ron Bakir and underwent a two-year renovation. The transformation was completed in mid-2016.

“Mr Bakir faced challenging structural changes and complex planning, with the majority of building materials needing to be craned in,” says Mr Kollosche.

It comes with 20 car bays because it was formerly a business, and they are a valuable asset for the incoming buyer, he says.

“Typically a car space would be worth about $40,000 on the open market when sold to other unit owners looking to acquire more, but there is also strong demand to rent out these car spaces.”

When sold the Chevron Renaissance penthouse will hold the new Gold Coast penthouse sale price record.

But maybe not for long. There is a new Chinese-owned high-rise just a kilometre away under construction and due for completion next year.

The penthouse for that building, literally on the beachfront, known as Jewel, could fetch $15m, Mr Kollosche says.

“Though this penthouse is at the very top of the luxury market, penthouse living is growing in popularity,” he says.

There are more than 20 high-rises (above 34 levels) on the Gold Coast, with another 20 or so towers planned or under construction.

“Penthouses are low maintenance, private, offer high security and low noise while still offering that prestigious allure of luxury living.”

Some penthouse sales on the Gold Coast offer extra incentives to buyers. In 2016 a Main Beach couple offered their penthouse complete with a Ferrari convertible and an Aprilia factory motorcycle.

Features of 3250/23 Ferny Avenue, Surfers Paradise

* 918 square metres * Two floors (39th and 40th) * Four bedrooms * Five bathrooms * 21 car spaces * Butler’s pantry * Cinema room * Glass in every room to capture panoramic views * No painted walls * Formal dining room for 12 * Kitchen features a breakfast bar of Diana Reale marble with top-range Miele appliances * Mirror-lined stairwell * Rooftop entertaining area *Teppanyaki barbeque * Billiards area * Gymnasium and sauna * Commercial-sized bar * ‘Green’ walls on terrace * 500m2 additional storage area in the basement * Touch-pad Dynalite system controls lighting, climate, blinds and security throughout

AAP, in collaboration with the City of Gold Coast and Gold Coast Tourism, is publishing a range of newsworthy content in the lead-up to the 2018 Gold Coast Commonwealth Games.


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