The penthouse at 11/170 Bowen Tce, New Farm has finally sold after being listed with three different agents in a year.
A mystery buyer has bagged a prestige property bargain, shaving as much as $3m off businessman and restaurant entrepreneur John Kilroy’s New Farm penthouse which was initially hoped to fetch $10m.
The apartment has spectacular city views.
The two-level penthouse with one of Brisbane’s best views, even sold below the $7.25m it reached at auction last month before passing in, however the final price remains undisclosed until after the deal becomes unconditional.
“It’s not unconditional yet,” John Kilroy said.
MORE PROPERTY NEWS
Price control sees rise in sales at $140m Brisbane development
Qld’s hoarder house attracts 39 registered bidders
Mr Kilroy bought the penthouse off-the-plan in 2013.
In almost 12 months on the market, the property has attracted high profile Australian shoppers including the former head of Premier Investments, Mark McInnes, and Mr Kilroy said the property had almost sold ‘two or three times’.
Riverfire would have looked amazing from here.
Mr Kilroy said he felt there was a public perception that the African-themed penthouse had sold months ago and he would reserve commenting on the sale until after the property went unconditional at the end of October.
The home has a distinct African vibe.
Ray White New Farm agent Tom Lyne confirmed a contract had been signed on Friday and the sale would be unconditional 28 days after that.
The residence at 11/170 Bowen Tce, New Farm has been enjoyed by an A-list of Australian movers and shakers since Mr Kilroy bought the three-bedroom home off-the-plan in 2013 for $3.6m, with then Prime Minister Malcolm Turnbull and Finance Minister Julie Bishop among the guest list.
The top level has gardens and fruit tree plantings as well as the pool terrace overlooking the city.
“I used it to promote Queensland, our restaurants, and the beef industry, with foreign buyers for cattle and sheep.” Mr Kilroy said during the sales campaign.
The penthouse was supposed to sizzle on the Brisbane property market when it launched in November last year. Instead, Mr Kilroy and a roll call of Brisbane’s most successful inner-city real estate agents have endured a deconstructed slow cook of the property which has taken all the flavour out of what should have been celebrated as one of the sales of the year.
The palatial dressing room.
The sales history started with Alex Phillis of Phillis Real Estate who announced in January that a local buyer who was ‘all rock and roll’ was days away from signing.
But by April, Jason Adcock of Adcock Prestige had the listing and John Kilroy took a front seat in the marketing campaign, telling of the African safaris which inspired his unique African-themed home and explaining his decision to sell.
There are internal stairs and a lift from the garage.
“It’s time to slow down,” Mr Kilroy said in April.
“I’m enjoying not going to work. For 40 years I’d get home late at night seven days a week.
“It’s taken till the last couple of months to get used to it. You feel guilty at the start.”
John Kilroy at his inner-city restaurant Cha Cha Char with waitress Nela Lachova in 2018 before he sold the restaurant in 2020. Picture Patrina Malone
But it was Matt Lancashire and Tom Lyne of Ray White New Farm who took the listing to auction in September with bidding starting at $5m before the property passed in at $7.25m.
This week, almost a month later, the Ray White New Farm team announced the sale.
The entertainer’s kitchen.
“It is with great pleasure to announce that we have SOLD two incredible prestige properties, totalling $13.6m,” their release said.
The $13.6m included the pre-auction sale of 421 Grandview Rd, Pullenvale which sold for more than $6.5m, pinning the sale price of Mr Kilroy’s property to around $7m.
“Throughout these two campaigns we received 18,864 online views, 71 buyer inspections and had 7 written offers resulting in a great sale.
“Congratulations to our purchasers, you have just bought a phenomenal property and a massive thank you to our sellers for entrusting us with the sale.”
By comparison, records show the sub-penthouse at 10/170 Bowen Terrace, sold in 2019 for $6m.
The post Restaurant King, agents tight-lipped as Brisbane penthouse sells for $3m less than initially hoped appeared first on realestate.com.au.