The Waltons Building in Fortitude Valley may be sold to Millinium Capital Managers for between $25 million and $50 million.
The property, located at 240 Brunswick Street and 11 Overells Lane, will be used for a mixed used property development.
Known as the Waltons Building, the property comprises several interconnected buildings above the Fortitude Valley train station and has been held by the same owner for 35 years.
Millinium was attracted to the property because of its proximity to the Fortitude Valley precinct currently undergoing a transformation and the neighbouring $500 million Valley Metro development.
Further, the property is nearby luxury retail and is just 20 minutes from Brisbane Airport.
Millinium says that post-development the property will be a major commercial, residential and retail precinct.
Development is due to commence by the end of 2019.
Business News Australia
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