- Skye by Pikos has received three enquiries since launch to amalgamate two apartments to create one mega home
- While requests were unanticipated, Pikos were excited to explore the possibility said Grant Plummer
- Mega apartments sold for $6.5M each, boasting close to 450 sqm of space
An unusual trend has erupted on the luxury apartment front as buyers seek to combine multiple apartments to create one mega apartment.
Since the launch of Pikos Property Group’s $200 million Skye development in Kangaroo Point, Pikos has received three separate enquiries related to combining two apartments into one.
It appears the phenomenon has been fueled by a collective desire for a low maintenance home, without compromising on space.
Buyers seeking space, not upkeep
Pikos representatives said the three enquiries arose from separate parties, all interested in purchasing two adjacent 230 sqm apartments, with plans to combine them into one large home spanning almost 450 sqm.
Pikos Director of Gap Development Sales, Grant Plummer, said the development group didn’t hesitate to explore the possibility and acknowledged the uniqueness of the unforeseen opportunity.
“A common theme for each buyer was that they want the amazing position and view that Skye offers but they don’t want to compromise space when moving from the family home.”
Grant Plummer, Pikos Director
“Essentially buyers are looking for a way to downsize upkeep without downsizing their lifestyle, and that’s where we’re seeing this demand for these mega-apartments,” Mr Plummer said.
He added that by combining the two apartments, buyers also had the advantage of accentuating the stunning views overlooking the Brisbane River and city skyline.
Living spaces multiplied
With two apartments amalgamated, buyers increased the footprint of their mega apartment to 372 sqm of internal living space, 32 sqm of balconies and 23 sqm of Skye gardens.
The reconfigured plan grants the buyer larger bedrooms, all with their own ensuite, and a spacious master bedroom.
The mega apartments also provide multiple living zones and four car spaces, suitable for accommodating growing families or adult children.
“It’s not just the enormous square meterage that makes these apartments so unique, it’s their bespoke design that is geared towards family living in a way that most other apartments are not,” said Mr Plummer.
Buyer blitz sees $80M sold
A buyer blitz within the first few days of Skye’s limited pre-release prompted over 600 enquiries and $80 million in apartments to be secured.
The mega apartments at the Kangaroo Point development sold for $6.5 million each, figures Mr Plummer described as “substantial”.
Despite the impressive price tag, Mr Plummer said the mega apartments were still of incredible value given the pricing of similar properties in Sydney and Melbourne.
“The interstate buyers just can’t believe how cheap we are at $13,000 per square metre compared to projects that are launching in Sydney at $45,000 a square metre.
“Our own Skye penthouse and sub penthouse are selling for $10.5 million and $8.5 million respectively, so these mega apartments stack up to incredible value at $6.5 million,” Mr Plummer explained.
Data released by consulting firm Urbis unveiled that prices differ between premium projects in Brisbane and Melbourne by up to 35%.
Meanwhile, price disparities between Brisbane and Sydney are much larger, with up to a 258% divide.
