The Coffee Club founder drops $7.5m on swanky penthouse

An artist’s impression of the view from the penthouse at Eighteen Park.

ONE of the founders of a famous Australian cafe chain has paid circa $7.5m for a penthouse in East Brisbane.

Simon Caulfield of Place Estate Agents negotiated the sale of the apartment off-the-plan in Eighteen Park at 18 Park Avenue, but declined to comment on the identity of the buyer.

Emmanuel Drivas founding director and chairman of Coffee Club chain at West End.

Emmanuel Drivas, founding director and chairman of The Coffee Club.





It is understood to have been sold to Emmanuel Drivas, who founded The Coffee Club with business partners, Emmanuel Kokoris and John Lazarou in 1989.

The franchise is now Australia’s largest home-grown cafe group, with about 180 outlets in nine countries.

An artist’s impression of the living room of the penthouse in Eighteen Park planned for East Brisbane.

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Mr Drivas currently also owns a mansion in Holland Park, but has plans to sell and focus on redesigning the penthouse.

Mr Caulfield said the sale represented a record price for a non-riverfront residential property in East Brisbane.

An artist’s impression of the inside of one of the apartments in Eighteen Park planned for East Brisbane.

The penthouse spans more than 400 sqm, occupying an entire floor with uninterrupted views of the Brisbane River and six side-by-side car spaces.

The building is currently under construction, with only 27 residences, and is expected to be completed in 2025.

An artist’s impression of Eighteen Park in East Brisbane, where the penthouse has sold.

The property has a rooftop infinity-edge pool, with a sauna, yoga deck, seating pods, and a covered BBQ area.

There have been a string of off-the-plan penthouse sales in Brisbane this year, including the sale of the sky home in Spyre Group’s ‘Moray House’ development in New Farm for $15.75m, which Mr Caulfield also negotiated.

An artist’s impression of the kitchen in the penthouse at Eighteen Park. Image supplied.

“I think people just realise Brisbane has come of age,” Mr Caulfield said.

“I genuinely believe people believe it’s no longer a little town. There’s no fear of overcapitalising.”

And while interstate migration to Queensland is at an all-time high, Mr Caulfield said the majority of buyers he was selling luxury apartments to were local.

An artist’s impression of one of the bathrooms in the penthouse at Eighteen Park. Image supplied.

“I’m getting maybe 30 per cent that enquire from interstate or international, but when it comes to physical offers, they’re local,” he said. “Everyone upsizing is selling large assets.”

He said the lack of supply of quality, boutique apartment projects was driving prices higher.

“There are really only a couple of boutique, high-end buildings with five to 12 residences coming online, with starting prices of $7m,” he said.

An artist’s impression of the entrance to the building under construction at 18 Park Ave, East Brisbane. Image supplied.

The Coffee Club sold half its business to Thai fast-food operator, Minor International, for more than $23m in 2020.

At the time, Mr Drivas said the decision would allow the company to expand into overseas markets such as Dubai, Beijing and Bangkok, where Minor was already established.

Coffee Club owners (L-R) John Lazarou, Emmanuel Drivas and Emmanual Kokoris.

Coffee Club owners (L-R) John Lazarou, Emmanuel Drivas and Emmanual Kokoris.

The post The Coffee Club founder drops $7.5m on swanky penthouse appeared first on realestate.com.au.

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