$4.7m cash offer keeps Mansion off the market - Jason Adcock

A LOCAL family was so desperate to get their hands on a riverfront property that they put down an immediate unconditional cash offer of $4.7 million to keep it off the market.

They spotted the property at 23 King Arthur Terrace at Tennyson, which was being marketed by Jason Adcock of Adcock Prestige, on a database, and the sold sticker went up just three days after that first post.

“They just wanted it off the market,” Mr Adcock said. “They put down a cash, unconditional offer, waiving the cooling off period.

“It was sold within three days and hadn’t even hit the official market yet. It was just two hours off being listed online.”

Mr Adcock said the sale of the renovated and extended, 1950s Hamptons-style residence, was a “good one” for Tennyson.

He said the suburb was attracting buyers as it was “flood-free”, and one of only two stretches of the Brisbane River that was north-facing and has both city and golf course views.

“The couple who bought it had been renting in the area and had been looking for awhile,” he said.

“They loved it as soon as they saw it.”

This luxurious north-facing family homesits on a 1154sq m block with 20m of river frontage. It has five bedrooms including a master retreat with floor-to-ceiling to capture the views, a dressing room with its own chandelier and an ensuite.
There are multiple living areas located on the ground level and an additional rumpus/bedroom.

The open plan kitchen and living room overlooks the pool outside and connects directly to the outdoor entertaining area, while the kitchen features quality appliances, a central island bench, breakfast bar, and a side door to the pool area.

In the living room there is a fireplace, and there is a home officeat the front of the home.

There is also a guest/nanny bedroom with ensuite, bathroom and laundry, while outside there are landscaped gardens, a private pontoon with an undercover boat shed, an undercover entertainment pavilion with outdoor kitchen, fridge, 10 person dining space and TV, and a children’s playground.

Mr Adcock said riverfront properties in Brisbane were proving to be a hot commodity.

“I have sold three in two and a half weeks, with the other two north of $3 million,” he said.

“At the moment we have far more buyers than riverfront properties listed for sale.”

He said those buyers were roughly “70 per cent locals, 30 per cent interstate or overseas”.

“There is still a strong Chinese component,” he said. “We are seeing a lot of interest coming from Hong Kong-based expats and Chinese looking to buy here.”

Hong Kong has been the scene of ongoing mass demonstrations and unrest since earlier this year.

The protests began over plans — since shelved — to allow extradition from Hong Kong to China, but have now morphed in to wider demands for reform.

Jason Adcock - Prestige Property Specialist

Jason Adcock is the Principal of Adcock Prestige. He has been recognised by his peers for his energetic, dynamic approach to the Brisbane Prestige Property market and applauded for… View full profile