Q1 penthouse sold in secret mega-deal

The Q1 penthouse has sold in an off-market deal

A sprawling penthouse crowning Australia’s tallest tower has changed hands for $11.5 million in a speedy hushed deal, after last trading for less than half the price.

The Q1 sky home in Surfers Paradise was snapped up post-Financial Crisis in 2010 for $4.8m, held under the company name, Thriving Enterprises, linked to a Western Sydney packaging company.

It was sold and settled within just seven days in September to a Victorian-based buyer, property records show.

The off-market cash deal for the luxury 74th floor apartment was handled by buyer’s agent Luke Vaughan, of Vaun Advisory and Crown Realty International.

Sunland Group founder Soheil Abedian in front of the tower developed by his company

“Both buyer and seller were thrilled with the outcome,” Mr Vaughan said.

“In today’s prestige market, confidentiality and integrity are non-negotiable.

“This result shows that with the right strategy, complex deals can be completed in days, not months.”

The transaction marks the third time the Q1 Presidential Penthouse has changed hands.

It was originally bought off the plan in 2002 from developers the Sunland Group for a then-record $8.9m by Japanese restaurateur, Akeo Kakemoto.

Amenities at the Surfers Paradise building

The sky home was first purchased off the plan by Akeo Kakemoto

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Mr Kakemoto had listed the property for auction, accepting a $8.5m offer in 2007 from a West Australian businessman who subsequently failed to settle and lost his deposit.

Described in an earlier listing as “the Zenith of Gold Coast beachside living”, the full-floor penthouse has 940 sqm of living space with expansive indoor-outdoor entertaining zones and 360-degree ocean, river and mountain views.

Features include four bedrooms, five bathrooms, a 13m indoor pool, sauna, media room and three lifts.

The Q1 tower retains its title as Australia’s tallest tower thanks to its external spire. Picture: Glenn Hampson

A dip with a view from the penthouse’s indoor pool

Completed in 2005, the Q1 retains its title of the nation’s tallest tower, measuring in at 322.5m thanks to its external spire, though the 319m Australia 108 building in Melbourne has more floors.

PropTrack data shows unit prices in Surfers Paradise were up 4.4 per cent over the past 12 months to a median of $770,000.

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