Historic Turkish bath turned bank could hold some steamy secrets
If these walls could talk, they’d have some steamy secrets, financial tips, and maybe even a coded handshake to share.
Built in 1923, the former Turkish bath turned bank at 231 Albert Street in the heart of Brisbane’s CBD is on the market for the first time in 25 years.
This building at 231 Albert St, Brisbane CBD, is on the market. Image supplied by Colliers.
The prime, 362 sqm, four-level building is situated in the bustling Queen Street Mall and preserves over a century of Brisbane’s rich history.
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Originally the Queensland Deposit Bank and Building Society Ltd headquarters, the building initially housed Turkish baths in its basement.
The Mason’s United Grand Lodge, whose Grand Master, Alexander Corrie, was one of the bank’s directors, leased the building’s top floor for a Masonic Room until 1929.
The entrance to 231 Albert St, Brisbane, which is for sale. Image supplied by Colliers.
It was sold to the Commercial Bank of Australia in 1932, which traded as Westpac until 2000.
The Bank offices were located on the ground floor while a variety of offices leased by dentists, accountants, solicitors and manufacturing agents occupied the upper floors.
MG Property Investments director Mark Greer said the interwar-built property was “strategically located in the beating heart of the CBD”.
“Located diagonally opposite one of the largest CBD Bus Interchanges at King George Square, directly opposite the Coles supermarket, while being surrounded by a plethora of national and international retail labels, it has been a very tightly held site,” Mr Greer said.
The building is located on Albert Street near the bustling entrance to Queen Street Mall. Image supplied by Colliers.
Shaun Seeto of Colliers Queensland Investment Services said with 1,187sqm of net lettable area, a rooftop two-bedroom caretaker unit, basement parking for five cars, and a mix of retail and office tenants, opportunities for refurbishment aligned with the evolving CBD precinct.
“The strategic position of the building is going to be further enhanced by the addition of multibillion dollar infrastructure projects, such as the new Brisbane Metro located at King George Square and Albert Street Cross River Rail Station and soon to open Queens Wharf precinct,” Mr Seeto said.
An aerial shot of the building at 132 Albert St, Brisbane. Image supplied by Colliers.
“This is a generational asset in the tightly held and irreplaceable Queen and Albert Street Mall.”
The 100 per cent freehold building is expected to generate significant interest, especially as Brisbane is preparing to host the 2032 Olympic and Paralympic Games.
Colliers Queensland investment servicesdirector Tony Wang said Brisbane was the “number one fastest growing major Australian capital city over 10 years”.
“Continued strong growth is expected in consumer spending within the city, stemming from a forecast in continued growth in net interstate migration and tourism numbers in the lead up to the Brisbane 2032 Olympic and Paralympic Games,” Mr Wang said.
231 Albert Street, Brisbane City is offered for sale via Expressions of Interest closing on Thursday, 22 August 2024.
