Gold Coast investor spends $6.2m on government offices

INVESTOR CONFIDENCE: The Department of Child Safety building at 18-24 Brisbane Street has been sold for $6.2m.
INVESTOR CONFIDENCE: The Department of Child Safety building at 18-24 Brisbane Street has been sold for $6.2m. Rob Williams

A GOLD Coast investor has paid $6.2 million for the purpose-built Department of Child Safety building opposite the Ulster Hotel in Brisbane St.

Melbourne-based Rabinov family offered three buildings to the market as part of a commercial portfolio including their troubled George Thorn Building in nearby Thorn St.

The previous state government relocated departments from the George Thorn building to occupy the newly-built Icon Tower.

Private Gold Coast investor, DJ Property, snapped up 18-24 Brisbane St and has a Cairns property under contract, however the George Thorn Building, worth more than $12 million, remains on the market.

JLL senior executive of metro sales and investments Sam Byrne, who negotiated the deal, said the portfolio was initially secured by the vendor as part of a fund-through deal, with State Government being the tenant.

The site at 18-24 Brisbane Street is next to Limestone Medical Centre in what is growing as a medical precinct.

Mr Byrne said there was significant interest nationally in the property.

"The State Government is one of the biggest office occupiers in Ipswich," he said.

"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 traditionally invested in government tenanted assets, with a long term view.

"The buyer was quite comfortable in the fact that the existing tenant was going to stay on and the value of the building would be maintained or appreciate on the back of the evolving medical precinct in that area," he said.

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

Topics:  gold coast investor

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