Spyre Group’s luxury Toowong development Arc Residences has achieved record-breaking status after buyers snapped up the $13.6 million off-the-plan penthouse.
This sale is secured just weeks after the property hit the market, achieving a record-breaking internal square meter rate of $34,870.
Bryce O’Connor, Director of YPM Group, remarked that this record feat further proves Arc Residences as a key player in the property market as sales soared.
“Arc’s achievement in the penthouse space is one of the most significant residential property transactions we’ve witnessed in the inner west,” Mr O’Connor said.
“It showcases the strength in demand for luxury property in Brisbane, and demonstrates a desire that aligns with design excellence and quality locations outside of the traditional high-value suburbs such as Teneriffe and New Farm.”
The double-storey sky-mansion spans 390 internal sqm and comprises a master suite, four bedrooms, an open plan kitchen, dining and living space, and its very own wellness spa.
Outside, the penthouse boasts stunning 180-degree views over the Brisbane River and living space. It is truly a triumph by the innovative, Brisbane-based architecture firm bureau^proberts.
The fast sale of the penthouse, followed by the sale of the sub-penthouse, has left buyers hungry for the remaining apartments at Arc. As a result, bureau^proberts is now set to redesign floor eight (two levels from the top) to an additional sub-penthouse, catering to the high demand for luxury residences.
“Buyers are looking for the size and feel of a house, but with the convenience and amenity of an apartment,” said Daniel Laruccia, CEO and Founder of Spyre Group.
“They are happy to forgo their acreage yards when it means they are gaining access to the biggest backyard in Brisbane, the river.”
The in-demand sub-penthouses rival a family home with 443 sqm of living with four bedrooms, four and a half bathrooms, and three car parking spaces.
Spyre Group Director Andrew Malouf said these homes are already attracting interest.
“With strong sales on the lower levels and unprecedented demand for the penthouse levels, we anticipate the remaining opportunities to secure one of these exceptional properties will not last long, based on the buying trends we have witnessed this year,” he said.
Mr Laruccia remarked that demand for luxury apartments in Brisbane continues to grow, even outside inner-city areas. Most interest in Arc comes from residents in the western suburbs looking to move closer to the CBD.
Buyer confidence in Brisbane’s high-end property market is soaring. This demand for luxury property will continue to rise with the limited number of quality product on the horizon.
“Brisbane no longer has a ‘ceiling price’ on the ultra-luxury end of the market,” said Simon Caulfield, Director of Place Kangaroo Point.
“Ultimately, opportunities to secure properties of this calibre are few and far between, with more buyers in Brisbane for high-end product than we have units available.”
For more information, or to enquire about Arc Residences, click here.
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