A landmark mixed-use heritage precinct in the heart of Ipswich’s central business district dating back to 1897 is being offered for sale following a significant adaptive transformation into modern commercial space.
88 Limestone Street, Ipswich is centrally located at the nexus of the healthcare, civic and legal precincts, occupying a 4,092 sqm elevated site with triple street frontages to Limestone, Ellenborough and South Streets.
It has 3,039 sqm of net lettable area across four interconnected buildings surrounding a laneway dining precinct and includes 45 onsite car parks.
The underlying land parcel offers a ‘Principal Centre’ zoning with development potential on the vacant carpark portion of the site for between three to five storeys (subject to council approval).
Originally constructed in 1897 and designed by renowned heritage architect Brockwell Gill, 88 Limestone Street underwent an extensive four-year reconstruction and modernisation program between 2013 – 2017 at a then cost of over $8 million. All base building services were installed new, plus plumbing, electrical and roof replacements, with 2 lifts installed and total asbestos clearance.
88 Limestone Street is 100% leased to an established tenant pool operating in sectors including Allied Health, Engineering, Architecture, Legal, Insurance and Hospitality.
The complex is generating an estimated net passing income of $1,007,178 per annum with a WALE of 4.08 years by income.
The asset is being taken to the market via an Expressions of Interest (EOI) campaign run by Knight Frank agents Sam Biggins and Christian Sandstrom.
Mr Biggins said the property represented a rare opportunity to secure a flagship investment in one of Queensland’s fastest-growing regional cities.
“88 Limestone Street is one of Ipswich’s most recognisable heritage assets, blending architectural grandeur with modern functionality,” he said.
“The current owner has painstakingly revitalised this historic building to a standard, not a price, creating a vibrant hub that now accommodates a diverse mix of allied health, commercial and hospitality tenants.
“It’s an irreplaceable trophy investment offering secure income and long-term upside.”
Mr Sandstrom said the property’s location and income profile would appeal to a wide range of investors.
“Positioned within Ipswich’s established legal, healthcare and civic precinct, this property offers exceptional connectivity and enduring tenant demand,” he said.
“The complex has a strong leasing history with all commercial tenants in their second lease term as a minimum, testament to the quality of the accommodation.
“Quality assets of this scale and character rarely come to market in Ipswich, and we expect strong interest from investors seeking secure cash flow and exposure to a growing regional centre.”
The Expressions of Interest campaign for 88 Limestone Street will close at 3pm (AEST) on Thursday, 12th March.
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