Brisbane’s former Walton’s building up for grabs
The former Walton’s building in Brisbane’s Fortitude Valley is on the block for the first time in thirty years with the property likely to be chased by local and offshore investors as well as developers.
It is being sold by an investment company managed by the Lee family, headed by Chui Fan Lee, which has interests in more than 50 Queensland assets.
The property, on one of the last remaining significant land holdings in the heart of Fortitude Valley, sits on a 3489sqm site and has frontages to both Wickham and Brunswick streets.
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It also has an entry to the Fortitude Valley train station and adjoins LaSalle Investment Management’s proposed $500 million redevelopment of the Valley Metro Centre.
Knight Frank’s Christian Sandstrom, Justin Bond and Dominic Ong and Glenn Gracie Real Estate’s Glenn Gracie are handling the sale.
Fortitude Valley has experienced increased institutional foreign investment from the US, Britain, South Korea, Hong Kong and China
Sandstrom says the property is likely to receive interest from a large cross-section of buyers looking to undertake a substantial refurbishment.
“Alternatively under the local plan a substantial mixed use development including retail, residential or commercial of the site is allowable, which would incorporate the heritage elements of the existing buildings,” he says.
Bond says the property was improved by a number of classical well-constructed buildings and is well-known as the Walton’s building, which was home to one of Brisbane’s largest retailers Walton’s Limited
“Fortitude Valley has experienced increased institutional foreign investment from the US, Britain, South Korea, Hong Kong and China,” Bond says.
“Unlocking the redevelopment potential of this property will further promote Brisbane’s development and the continued urban renewal of the Valley Heart Precinct,” he says.
This article originally appeared on www.theaustralian.com.au/property.
