Qld $32m record-breaking sale for beachfront penthouse

A buyer has paid a staggering $32m for a penthouse on the Gold Coast that’s not even built, smashing Queensland’s apartment record.

The sale, in the $500m Nalu development in Miami, trumps the previous record set earlier this year in Burleigh Heads by $2m.

The landmark transaction follows a $26.25m sale of a second Nalu penthouse, with both homes bought by local families.

It follows a bumpy year for the property market with a fifth interest rate rise this week, controversial tax changes, and falling homes values.

“Buyers are certainly more discerning in the current market, but these transactions reinforce that confidence remains exceptionally strong for properties offering genuine scarcity, quality and long-term value,” said Kollosche selling principal Michael Kollosche, who is marketing Nalu.

“The market hasn’t lost its appetite for quality.

“Buyers are simply becoming more selective about where they place their money.”

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Developed by Monaco Property Group, Nalu includes 44 residences on a 7,238 sqm parcel at 122-130 Marine Pde, formerly a retro 1970s resort owned by Moose Toys titan Paul Solomon.

The executive chairman and stepson of Moose Toys owner and billionaire Manny Sul, had renovated the original building and renamed it Nalu — Hawaiian for “wave” — before offloading the mega-site to the Monaco Property Group in 2024 for a whopping $70m.

The record-setting $32m “ultra penthouse” spans 1,466 sqm across the fifth and sixth levels.

The five-bedroom home includes seven bathrooms, six car spaces, a cinema, gym with infra-red sauna, office, rumpus room, wine cellar, bar and separate catering kitchen with cool room.

A private lift connects to the rooftop with a pool, and hot and cold plunge pools.

The second penthouse, secured for $26.25m, has 1,063sq m of living and entertaining space, with five ensuited bedrooms, multiple living areas, a cinema, office, wine cellar, and a rooftop with a pool, and hot and cold plunge pools.

“These buyers aren’t looking to downsize their lifestyle,” Mr Kollosche said.

“They want the convenience of being able to lock up and leave, while retaining the space to accommodate family, entertain friends and enjoy world-class facilities.”

His comments were reinforced by property analyst Michael Matusik who said the Gold Coast had changed as a destination for luxury downsizers.

“Demand for premium housing continues to broaden on the Gold Coast,” he said.

“Wealthy downsizers, mature families, interstate migrants and overseas buyers are increasingly seeking larger, well-appointed residences in desirable lifestyle locations.”

It comes months after another beachfront penthouse deal was inked in Burleigh, understood to be worth up to $35m — the transaction hinges on council approval to add a custom pop-top level.

The latest Nalu penthouse transactions follow three further sales at Nalu ranging from $13.25m to $14.5m.

Construction on Nalu started last month with completion expected in late 2028.