Brisbane's most extreme price cut

A New York inspired penthouse at The Residences in the heart of the Brisbane CBD has seen a price cut of $1.6 million.

The apartment was contracted at $4.5 million in 2014, however the deal didn't complete.

Its most recent marketing now has it pegged at $2.9 million.

It will still be a profit for the New South Wales based owners, who paid $2.1 million in 2009. They have however spent hundreds of thousands on renovations since the purchase.

Their 2009 buy still stands as the building's most expensive.

Now relocating to Europe, the vendors have tasked Place New Farm agent Ben White with selling the Adelaide Street apartment.

Spanning 310 sqm, the apartment has four bedrooms, three bathrooms and a library.

The Residence block was previously a former Queensland Government building built in the 1940s.

It homed the State's land titles office before being turned into a residential development in the 1990s.