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Billionaire family eye $18m for southern Gold Coast penthouse
Financial Review
Property developer and philanthropist Peggy Flannery, the wife of billionaire former coal baron and Rich Lister Brian Flannery, has launched a sales campaign for an $18 million under-construction penthouse...
Property developer and philanthropist Peggy Flannery, the wife of billionaire former coal baron and Rich Lister Brian Flannery, has launched a sales campaign for an $18 million under-construction penthouse as part of her emerging Kirra Point lifestyle precinct at the southern end of the Gold Coast.
If the price guide is achieved, the penthouse sale will reset local records in Kirra, a beachside neighbourhood within the suburb of Coolangatta.
Crowning the 87-residence Casilia residential tower, the penthouse is slated for completion in 2029.
The luxury residence is atop one of two residential towers within Flannery’s KTQ Group’s emerging lifestyle precinct at Kirra Point, which will also include a six-star, 91-room hotel alongside the revamped Kirra Beach hotel.
The first penthouse will be sold off the plan and occupies the western half of a floor in the Casilia tower. The second penthouse on the eastern side is expected to be offered once the project is complete.
Keenan said along with the design and interior finish, the penthouse’s proximity to the beach and
Flannery, who grew up in the outback Queensland town of Cunnamulla, helms KTQ Group – a private family investment vehicle which focuses on luxury accommodation and residential projects, which developed and runs Byron Bay resort Elements of Byron.
Selling agent Tim Keenan, of Keenan & Byrne, said the southern Gold Coast has a more low-key, surf village vibe compared to the high rise-dominated main strip.
“The southern Gold Coast is not your mainstream Broadbeach and Surfers Paradise offering,” he said. “It’s a completely different feel from the glitz and glamour, and more laid back and relaxed.”
orientation was a key selling point.
“It’s incredibly hard to find a brand-new large format penthouse north facing to the beach, they simply don’t exist except for Byron and Noosa.”
Designed by Sydney-based design and architecture firm Alexander &CO, the north-facing four-bedroom penthouses span 650 square metres, and feature a private wellness zone, sauna, study and ocean views.
Designer Alice Noguès said the penthouses were designed to feel like a home, not a display suite.
“We wanted the penthouses to feel deeply personal and emotionally grounding – homes suspended above the horizon that prioritise calm, craftsmanship and a genuine sense of belonging, while remaining deeply connected to their surroundings rather than temporary or performative.”
Keenan said along with the design and interior finish, the penthouse’s proximity to the beach and orientation was a key selling point.
“It’s incredibly hard to find a brand-new large format penthouse north facing to the beach, they simply don’t exist except for Byron and Noosa.”
Designed by Sydney-based design and architecture firm Alexander &CO, the north-facing four-bedroom penthouses span 650 square metres, and feature a private wellness zone, sauna, study and ocean views.
Designer Alice Noguès said the penthouses were designed to feel like a home, not a display suite.
“We wanted the penthouses to feel deeply personal and emotionally grounding – homes suspended above the horizon that prioritise calm, craftsmanship and a genuine sense of belonging, while remaining deeply connected to their surroundings rather than temporary or performative.”
Among the design features are bespoke straw marquetry doors handcrafted in Melbourne, a technique seldom seen in Australia and more commonly associated with European decorative arts.
Nick Clydsdale, who founded south-east Queensland residential development marketing service SRQ Projects, said the southern end of the Gold Coast still offered great value compared to its northern neighbours.
“Rainbow Bay and Kirra are still very attractive for prestige buyers, especially as Burleigh has moved so quickly,” Clydsdale said. “Kirra is really the next hot spot.”
Flannery’s penthouse aims to top the local apartment high of $14.6 million paid for a two-storey penthouse in nearby project Sur Kirra Beach in December last year.
In May, Burleigh Heads recorded a Gold Coast penthouse record of $30 million paid for the yet-to-be-completed, two-level penthouse atop developer Mayd Group’s One Burleigh.
That sale topped the previous Gold Coast apartment high of a $24.5 million penthouse in Spyre’s Glasshouse, also in Burleigh Heads, set in 2023.
“The One Burleigh sale has re-benchmarked the prestige market for brand-new apartments on the Gold Coast,” Clydesdale said.
“I think it will be a very busy spring on the southern Gold Coast. The way the budget has gone, people are going to spend a lot more money on a primary place of residence, a tax-free haven,”