NALU penthouse sells for $32 million: new Queensland apartment record

A $32 million Ultra Penthouse sale at Monaco Property Group’s $500 million NALU development in Miami has set a new Queensland apartment price record. 

This sale has surpassed the previous $30 million benchmark set earlier this year. 

A second NALU penthouse sold for $26.25 million, taking the two sales to $58.25 million, with both residences secured by local buyers.

The sales, negotiated by exclusive sales and marketing agency Kollosche New Projects, highlight the depth of demand for exceptional, house-sized residences in irreplaceable beachfront locations.

Kollosche selling principal Michael Kollosche, said the transactions demonstrated that significant capital remained available for the right assets, as astute buyers recognise that the opportunity is as much in the acquiring as it is in the price.

“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,” Michael said.

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

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

“Both purchasers are locals who understand the Gold Coast market exceptionally well. 

"They recognise how rare it is to secure a beachfront residence of this scale, particularly on a 7,238m² landholding with 80 metres of beach frontage.

“These are not speculative purchases. 

"They’re generational assets being secured by families who want to enjoy the lifestyle now, while recognising the long-term value of owning something that will be increasingly difficult to replicate.”

The record-setting $32 million Ultra Penthouse at NALU spans an extraordinary 1,466m² across Level 5 and has a private rooftop on Level 6, capturing panoramic coastal views from Miami Beach south beyond Burleigh Heads towards Coolangatta.

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

A private lift connects to an exclusive rooftop featuring a swimming pool, hot and cold plunge pools, and expansive outdoor entertaining facilities.

The second penthouse, secured for $26.25 million, boasts 1,063m² of living and entertaining space, with five ensuite bedrooms, multiple living areas, a private cinema, office, wine cellar, and an exclusive rooftop pool, hot and cold plunge pools, and an entertaining terrace overlooking the Pacific Ocean.

The strength of the results reflected a growing preference among affluent buyers for substantial, low-maintenance residences without compromising the space and privacy of a large beachfront home.

“These buyers aren’t looking to downsize their lifestyle. 

"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.

“NALU delivers that, together with a location that puts the beach, restaurants and the Nobby’s Beach precinct within easy walking distance.

“When you combine the scarcity of beachfront land, escalating construction costs and the limited pipeline of comparable developments, buyers recognise that opportunities of this calibre are becoming increasingly difficult to replace.”

Michael Kollosche's comments are reinforced by property analyst Michael Matusik who says the Gold Coast has changed as a destination for luxury downsizers.

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

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

“The Gold Coast also offers substantive relative value compared with Australia’s larger capital cities and many international markets.”

The latest penthouse transactions follow three further sales at NALU ranging from $13.25 million to $14.5 million, each exceeding Miami’s previous property price record of $10.8 million.

Developed by Monaco Property Group, NALU comprises 44 substantial residences across a landmark beachfront site at the base of Nobby’s headland, complemented by more than 3,000m² of private resort-style, wellness and lifestyle facilities.

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