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Cashed-up investors and downsizers compete for limited number of luxury apartments

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The competition for top-floor apartments has ramped up with a $12.4 million sale by the river.

No.4/63 River Esplanade at Mooloolaba was sold for a motza to a Brisbane family that is expected to make the most of the property’s investment potential.

The four-bedroom, four-bathroom, four-garage residence sits atop the four-storey, four-apartment Tangalooma Residence.

The building is renowned for its great location on a site that was previously occupied by a 100-year-old pink cottage.

The block’s first floor apartment also changed hands recently.

Next Property Group licensee in charge Richard Scrivener said the deluxe abode on the top floor was a rarity.

“There’s nothing else quite like it,” he said.

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“It’s a beautiful 700sqm property: an outstanding modern penthouse with stunning views of the river.”

Mr Scrivener said the sale price could be a record for an apartment in the area.

“There was one that sold for $11 million at Sea Pearl Resort a few years ago.”

Mr Scrivener said the penthouse is unique because it is in a prime position, it encompasses a entire top floor and because there are only four apartments in the building.

He said a flurry of prospective buyers – including cashed-up baby boomers looking to downsize – were scrambling for luxury apartments across the region.

“I think it’s happening Sunshine Coast wide,” he said, before suggesting that many of them were particularly interested in securing an entire floor.

The stylish Tangalooma Residence.

“There’s certainly an age group, at Mooloolaba, Minyama and Buddina, who are looking for single floor apartments with nice views.

“They are looking to leave their beautiful homes but still want good quality living in a good location, and penthouse living is the pinnacle. People want to live at the top.

“But there just isn’t enough of them to go around.

“There are lots of apartments in high-rises and multiple dwellings within buildings.

“And there are even buildings that have three to six penthouses (for sale) but that takes away the exclusivity of penthouse living.

“To get one apartment, and especially a penthouse, in a block of four to seven apartments is hard to get, because the land is so dear.

“If you wanted to build Tangalooma Residence now you couldn’t do it for the same amount of money as 10 years ago.

“Today’s prices are very different. The cost of land, materials and labour has gone crazy.”

The block is right on the Mooloolah River and not far from Mooloolaba Beach.

Even if development costs do come down, Mr Scrivener expected Tangalooma Residence to retain its appeal.

“It will always maintain extreme value because of where it is and what it is,” he said.

Auction results

6/244 Alexandra Parade, Alexandra Headland

  • Passed in, on the market for $1.3m
  • 2 Bed, 1 Bath, 1 Car
  • Define Property Agents, Ross Cattle and Katie Davies

5 Kulanda Street, Wurtulla

  • Sold price undisclosed
  • 4 Bed, 1 Bath, 1 Car
  • Adams & Jones, Karen Jones

13 Haddys Close, Mountain Creek

  • Sold under the hammer for $1.345m
  • 4 Bed, 2 Bath, 3 Car, Pool
  • Ray White, Steven Allen

23b Churchill Street, Palmwoods

  • Sold prior for $780,000
  • 3 Bed, 2 Bath, 2 Car
  • Ray White, Chevonne Rees

262/180 Alexandra Parade, Alexandra Headland

  • Sold prior for $710,000
  • 2 Bed, 1 Bath, 1 Car
  • Ray White, Liam Sarich and Reuben Park

16 Ballinger Road, Buderim

  • Sold under the hammer for $1.1m
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Niall Molloy and Ari Whisson

12 Oogar Street, Maroochydore

  • Sold under the hammer for $1.4m
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Jason Mills

406/1-7 Duporth Avenue, Maroochydore

  • Sold under the hammer for $1.2m
  • 2 Bed, 2 Bath, 2 Car
  • Ray White, Reuben Park

7 Pimelea Court, Mountain Creek

  • Sold prior for $855,000
  • 4 Bed, 2 Bath, 2 Car
  • Ray White, Brent Higgins and Michael Picoto

3 Songlark Place, Buderim

  • Passed in at $960,000, on the market for $995,000
  • 4 Bed, 2 Bath, 2 Car, Pool
  • Ray White, Gregory Ward and Zoe Byrne

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