NOSTALGIC BUYER SNAPS UP KINKABOOL GEM
IT was described as a “giant” – the Gold Coast’s first highrise building of 10 storeys crowned by a spacious topfloor apartment with all the mod cons.
But 60 years on, the $650,000 sale of the heritage-listed Kinkabool penthouse makes it the most affordable on the market and stands in stark contrast to the $15m-plus “super penthouses” rising on the Glitter Strip.
A “nostalgic” buyer was “ecstatic” to secure the 250sq m penthouse on Hanlan St at an “entry-level price”, according to marketing agent Bob Rollington, of First National Surfers Paradise.
Kinkabool was built in 1960, the first of the towers that would replace fibro holiday shacks along the sand and transform Surfers Paradise into an international tourism mecca.
In 2009 it was added to the Queensland heritage register and is the only building of its era still standing in the area.
“Although by today’s standards it’s a little baby building, you generally get fantastic views when you’re on the top, so a penthouse is a great alternative to a house and the older buildings are obviously attractive because they are cheaper,” Mr Rollington said.
“The memorabilia was a big part of the attraction for the buyer. The penthouse was sold fully furnished with period pieces that (the original owner) had and he was so happy; he doesn’t want to change a thing.”
In price and size, Kinkabool pales in comparison to the 1070sq m Soul Penthouse, which set a state auction record when it sold for $15.25m in May.
Yet even that benchmark could soon be eclipsed, as cashed-up interstate buyers bank on historic-low interest rates to invest in luxury real estate, with the lock-andleave appeal of a sky home by the sea top of wish lists.
Developers are now racing to present super penthouses with six-star features.
Since launching to market, Coast by Sammut Group has sold 70 per cent of apartments in the 34-storey Garfield Tce tower at prices of up to $8.7m.
Its showpiece could go for twice as much: a three-level, four-bedroom penthouse spanning 1132sq m with a grand spiral staircase and glass lift leading up to a pool.
Tolemy Stevens, of Harcourts Coastal, is marketing the project with David Highland, of Highland Project Marketing.
Mr Stevens said the local penthouse market had reached a level of maturity where buyers could satisfy requirements for budget, size, location and style.
“Penthouses used to be a listing that would sit on the market for months or sometimes years but now they have come into their own.”