Australian Unity sells office with two redevelopment permits
A former government-owned office in Ipswich has traded again.
Australian Unity was the seller this time, exiting 59 East Street, Ipswich, after four years.
It is banking $8.75 million on behalf of the Australian Unity Healthcare Property Trust.
Savills’ Gregory Woods and Tom McCafferty were the agents, closing a public sales campaign in April.
The buyer is a Brisbane-based investor.
Also this week, realestatesource.com.au reported Singapore sovereign wealth fund GIC bought a majority stake in Springfield Fair shopping centre, from RAM.
Meanwhile the region’s Winston Glades Shopping Centre in Flinders View also traded, for $23.75m.
Permit to repurpose
Australian Unity paid $6.85m ex-GST for the office, settling in June, 2022 (continues below).
The property also traded for $4.1m in 2017.
Coincidentally. records show that seller is the entity buying it this time around.
On 4353 square metres at the south-west corner of Limestone St, it holds significant development upside – up to 20 levels according to the agents.
The vacant three level, 6750 sqm improvement could also be renovated or repurposed, they added.
Abutting land owned and used by West Moreton Health, it was offered with two permits, for a conversion to a medical centre or hotel.
The property was previously owned by the state government, which sold for $3.3m in 2014.
Ipswich is about 35 kilometres south-west of Brisbane’s CBD.
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