Historic college conversion sold
Precept Property Partners has acquired a landmark heritage commercial complex in the heart of Ipswich on behalf of a private mandate with a background in the medical sector.
The Queen Victoria Silver Jubilee Memorial Technical College at 88 Limestone Street set it back $13.015 million.
CPM Group founders James and Tracey Long were the sellers.
The pair bought the vacant property from the state government in 2012 for $1.98m before repurposing it as a mixed-use complex and re-letting.
The renovation is speculated to have cost $8m.
Knight Frank’s Sam Biggins and Christian Sandstrom brokered the on sale.
The result for the fully leased asset reflects a 7.74 per cent yield.
New owner for historic building
Developed in 1897, the Ipswich building occupies 4092 square metres zoned Principal Centre, also exposed to Ellenborough and South streets (continues below).
It has 3030 sqm of net lettable area – a mix of offices and retail – across four interconnected buildings.
Occupiers include Construction Project Management, Gibson Architects, Kids at Play Therapy Services, McNamara Law and SC Brewing Co; net passing rent is $1.01m per annum.
The weighted average lease expiry by income is 4.08 years.
“The successful sale of 88 Limestone St reflected the purchaser’s recognition of the asset’s strategic positioning at the nexus of Ipswich’s health, legal and commercial precincts,” Mr Biggins said.
“The purchaser…was attracted to the building’s location at the heart of one of Ipswich’s most dynamic and well-connected precincts,” he added.
The deal comes three months since realestatesource.com.au reported SKF Development acquired an Ipswich housing and childcare centre site.
Also in April, Deltine bought the Country Motel Ipswich – paying a record price for an Australian non-coastal motel.
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