THE $2.8 million sale of a penthouse in Kokoda Property’s Newstead development marks a new Brisbane property price record.
The 339sqm three-bedroom, three-bathroom penthouse in Kokoda’s Chester and Ella development, sold at more than $19,310 per sqm.
The penthouse also includes 194sqm of outdoor space, including pool, bbq, kitchenette and shaded entertaining spaces.
This follows the $3.99 million sale of another penthouse at Chester and Ella, with the 445sqm four-bedroom residence fetching $17,812 per sqm.
Mark Stevens, founder and managing director of Kokoda Property, commented that the sale was a ‘culture confirmation’ for Brisbane, as demand and value rises in the Queensland capital.
“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,” added Stevens.
The Newstead development is located within close proximity of the Emporium, Gasworks and the James Street retail and dining precinct.
“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.”
The Group’s flagship Brisbane development, Chester and Ella, was designed by Hayball and Singapore based Ministry of Design and was constructed by Hutchinson Builders.
“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,” said Brett Greensill, agent from McGrath New Farm.
“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,” said Greensill.
Kokoda Property’s second Brisbane based residential high-rise, The Ambrose, is currently under construction in Milton.