Steeped in history: heart of city at 231 Albert Street offered for sale for the first time in 25 years

Constructed in 1923 as the Qld Deposit Bank and Building Society and operating Turkish baths from basement this building is steeped with history

A strategically located 362sqm 4-level building located in the heart of the Queen Street Mall on Albert Street, enriched with over 100 years of Brisbane history, has hit the market for the first time in 25 years.

Being offered for sale by Colliers Queensland agents Tony Wang and Shaun Seeto and MG Property Investments agent Mark Greer, 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.

Enriched in Brisbane history, the 100 year old building was built in 1923 as the headquarters for the Queensland Deposit Bank and Building Society Ltd, with Turkish baths operating from the basement, it was sold in 1932 to the Commercial Bank of Australia (CBA) who continued trading from the building until 2000, then under the name of Westpac. It was further sold in 1999, and this is the first time the asset has been available since then.

MG Property Investments Director Mark Greer said strategically located in the beating heart of the CBD and geographic centre of the Queen and Albert Street Mall, the citys’ busiest pedestrian intersection, there was expected to be huge interest in the site.

“This is a great opportunity for both investors and owner occupiers, with buildings in the Queen Street Mall very rarely offered for sale, especially in such a prominent position,” Mark Greer said.

“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 and key service providers, it has been a very tightly held site.

Colliers Queensland Investment Services Director Tony Wang said Brisbane’s opportunities were defined by its strong economic and population growth, world-class education and talent and connectivity with the Asia Pacific – the growth engine of the 21st century.

“Brisbane is the number one fastest growing major Australian capital city over 10 years,” Tony Wang said.

“The Queen Street Mall is one of the leading retail precincts in Australia, the premier shopping and entertainment destination in the heart of Brisbane City.

“Queen Street Mall offers more than 500 retailers including home-grown talent, designer stores, international labels, department stores and leading hotels.

“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,” Tony Wang added.

Colliers Queensland Investment Services Senior Executive Shaun Seeto said offering a net lettable area of 1,187sqm, a rooftop 2 Bedroom caretaker unit, basement car parking with five carparks and a mixture of retail and office tenants and income streams, 231 Albert Street offered the potential for refurbishment and or repositioning to reflect the ever evolving surrounding 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,” Shaun Seeto said.

“With the prominent and renowned ground floor retail tenancy of City Hall Gift Centre with 10 metres of Mall frontage, as well as a further 36.6 metres of street frontage on Lower Burnett Lane this is a generational asset in the tightly held and irreplaceable Queen and Albert Street Mall,” Shaun Seeto added.

The building at 231 Albert Street, Brisbane City is offered for sale via Expressions of Interest closing on Thursday, 22 August 2024 at 4pm (AEST).