Investment manager books impressive windfall from office flip
Alceon and OPD Developers have concluded the sale of Brisbane’s ex-Golden Caskett headquarters after a major repurposing and reletting.
The Queensland based investment manager and builder banked $72 million for 87 Ipswich Road, Woolloongabba.
It paid Tabcorp $15.5m in 2021, later renovating the three level, 4600 sqm of area with laboratories and day surgeries, and adding a rooftop.
Prior to offering the asset for sale last year, it secured the Queensland Eye Institute to about 80 per cent.
Barwon Investment Partners is the buyer for the Healthcare Property Trust (story continues below).
On 5562 sqm zoned Mixed Use, the property holds significant longer term development upside, able to accommodate c30,000 in structures twice the height.
In the immediate area, BIP holds the Princess Alexandra Hospital car park and medical centre – after outlaying c$100m in 2022.
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