Real Estate

Apartments, unit market, Brisbane CBD, Chinese, Kangaroo Point, Abian, luxury, Churchie

Written by The ReReport

THE former owners of an apartment in one of Brisbane’s most luxurious residential towers have made half a million dollars on the property in just over a year, cementing the strength in the city’s high-end unit market.

A wealthy Chinese family has paid $4.5 million for the four-bedroom, three-bathroom unit in Abian — a record price for a resale in the building.

Simon Caulfield of Place Estate Agents – Kangaroo Point, who handled the offmarket sale, said the vendors bought the property at 3501/140 Alice Street for $3.7 million in August last year.

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Mr Caulfield said they had spent around $200,000 on improvements, including upgraded finishes and new kitchen appliances, which meant they had made about $500,000 on the sale.

He said the buyers had seen value in the Brisbane residential market, having purchased rural properties and a coastal asset as well as the high-end apartment.

“Because they travel a lot, they love the concierge and privacy (Abian offers),” Mr Caulfield said.

“Everything is at their doorstep being in the CBD, including their son being able to get to school easily at Churchie.”

No photos were ever taken of the inside of the unit because it never went to market publicly.

It is the third apartment Mr Caufield has sold in the building in the past 12 months.

In December, 2017, he sold an apartment for $3.9 million and in April, he sold the penthouse for $4.21 million.

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