Brisbane Boys’ College collects $17m 1800s homestead

Grand 1800s homestead Goldicott House will remain a heritage-listed education asset in Toowong following its sale by Pikos Group to Brisbane Boys’ College for $17m. Picture: Supplied

After years of struggling to gain development approvals, southeast Queensland developer Pikos Group has sold the heritage-listed Goldicott House in up-market Toowong for $17m, having purchased it a few years earlier for less than half that amount.

Wealthy Queensland private school Brisbane Boys’ College purchased the 1800s homestead planning to retain it as an education asset in a deal negotiated by Pikos managing director Pedro Pikos after various plans for the development of the 1.23ha site failed to gain planning ­approval.

Brisbane Boy’s Club, which controls adjoining property, will be the fourth owner of the 137-year-old Toowong property that was built in 1885 and has been subsequently identified as a state and local heritage-listed item of significance.

Goldicott House

In a statement to The Australian, Mr Pikos, who paid $8m for the site several years ago, said the local community supported the Brisbane Boys’ College acquisition of the site.

The sale included Goldicott House and its outbuildings as well as a former music room where Powderfinger’s Bernard Fanning reportedly was schooled.

It is understood that Brisbane Boys’ College had previously bid on the building as part of a plan to extend its boarding house features.

The property, formerly the Sisters of Mercy building, is home to the first poured concrete slab in a Queensland building.

Pikos had originally planned a multi-level apartment project for the site, and following that a multistorey aged-care facility for 600 residents. Both plans were opposed by neighbouring residents and were knocked back by Queensland’s Planning & ­Environment Court over several years.

The extended history of the site when it was under Pikos’s control included a mooted 2018 deal with a specialist aged-care ad property group.

At that time Heathley Asset Management explored a move that would have resulted in it taking a 50 per cent interest in the Pikos project.

Early last year finance group Balmain also circulated a prospectus among investors for a loan secured by Goldicott.

At the time, plans for a 150-bed aged-care facility with 150 independent living units still appeared to be active.

The site and its outbuildings also include the landmark former St Ignatius College music building.

Apart from Brisbane Boys’ College, various private equity groups from Sydney have also been interested in onselling the site on behalf of Pikos.

A bird’s eye view of the plot. Picture: Supplied

Pikos made the sale as it develops two major apartment complexes consisting of almost 300 homes.

Its Kangaroo Point project Skye by Pikos includes 70 luxury units valued at $250m, while its La Storia development includes 200 apartments valued at $400m.

A Brisbane Boys’ College spokesman told Quest News the purchase provided ample opportunity to continue the school’s heritage legacy.

“This new addition will provide a range of possibilities and opportunities for the school to expand both its learning and green space areas within the same location and will form an important part of BBC’s master plan and vision for the future,” he said.

“It will take BBC forward for another 120 years, while respecting the cultural significance of the site.”

The sale contract is expected to settle next month.

Additional reporting: Joseph Lam