A LUXURY new-build on the Sovereign Islands on the Gold Coast has sold for $7.85 million.
It is the highest price paid for real estate on the island enclave year.
Ivy Realty’s Ivy Wu and Isaac Kim were behind the record-breaking sale and revealed a Gold Coast buyer bought the eight-bedroom showstopper at 51 Knightsbridge Parade East.
“It is a brand new property and never lived in which was a huge drawcard for the buyer,” Mr Kim said.
“It is a massive house, more than 1400 sqm spread across four levels.
“The buyers really liked the styling, the design and all the elements the builder used.”
Property records reveal the vendor paid $1.58 million for the property in 2018 before building and offloading five years later.
“It is a great buy,” Mr Kim said.
“The land and the building cost would be well over $7.85 million.”
The property, which features a waterfront alfresco area, resort-style pool, theatre, lift and eight-car garage, first hit the market in January.
“We listed this property at the start of the year and signed the contract for it last month,” Mr Kim said.
“We’re so glad to have got this one away.”
No expense has been spared in the design and build with multiple relaxation zones, 6.5m ceilings, office and pontoon.
But it is the main bedroom retreat, which takes up the entire top floor, which really stands out.
With 360 degree views of the city, it features a private living room, dual designer dressing rooms, a deluxe ensuite and a wraparound terrace.
“The master suite was a huge drawcard for the sellers,” Mr Kim said.
Mr Kim said the market had slowed earlier this year but this sale showed strength in the prestigious market.
“At the beginning of this year there were no sales above $5 million for property on Sovereign,” he said.
“Buyers are taking a little bit longer and obviously taking more time to do their due diligence.
“I’m still negotiating a few deals but at the same time there is a fair it of gap between sellers’ expectations and the market.”
The highest sale price on the Sovereign Islands is $20 million for 7-13 King Arthurs Court — billionaire Clive Palmer bought the property in 2020.
51 Knightsbridge Pde East is the 15th most expensive sale on Sovereign Islands.
Article source: Queensland Property Investor