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News release


$6.209 million sale at Brisbane Street in Ipswich

​A private investor has paid $6.209 million for the purpose-built Department of Child Safety building in Brisbane Street at Ipswich in a deal negotiated by JLL Senior Executive of Metro Sales and Investments, Sam Byrne.

The site at 18-24 Brisbane Street is one of Ipswich's landmark commercial buildings and was offered as part of a commercial portfolio containing two assets in Ipswich and one in Cairns which were initially secured by the Vendor as part of a fund-through deal with Queensland State Government the tenant.

"Given this asset was State Government-tenanted plus was under 10 years of age and of high quality, and was in the sub-$10million price bracket, there was significant interest nationally," said Byrne.

"The State Government is one of the biggest office occupiers in Ipswich – and while their consolidation into the Cromwell-owned Icon Tower has created a soft office leasing market in the city, the purchaser noticed that 18-24 Brisbane Street served a special use to the tenant, and was confident of their long term occupation in the building."

Mr Byrne said the buyer was based on the Gold Coast and traditionally invests in Government tenanted assets across Australia, with a long term view.  

The building has good natural light and features high quality amenities, shower facilities with dedicated break out areas. It has direct access to all major road infrastructure and public transport as well as being within walking distance from Ipswich city heart and the recently completed Ipswich mall.  

Ipswich is listed in the top five national growth catchments in Australia with the local population expected to grow from an estimated 180,000 to 435,000 by 2031, a massive 141% increase.

"The sales process unearthed fresh capital from both local and interstate investors; with New South Wales & Victorian based investors unable to compete in their low yield markets and therefore are looking 'north of the border' chasing higher returns.