A two-level character building in Teneriffe that was once the head office for Malouf Pharmacies is on the market

A 1930s character building that was the final head office for a well known Queensland pharmacist is on the market.

132 Commercial Rd, Teneriffe.

AN inner city character building that started life as a local garage and was later converted into the head office of a well known pharmacist is on the market.

The two-level character-style office/warehouse at 132 Commercial Rd is being sold through JLL’s Sam Byrne and Tim Jones.

Malouf makes motza on property

End of an era as Richard Malouf exits one of Queensland’s biggest privately-owned pharmacy chain

The building was built for Whatmore McIntosh Motors in the 1930s and was the former head office for Malouf Pharmacies which was taken over by Ramsay Health Care in 2017.

JLL refused to comment on the price but it could sell for up to $8 million.

“It’s a real landmark in Teneriffe, an extremely tightly held precinct with a significant portion of property’s being owned by long-term generational investors,” Mr Byrne said.

“What makes it so unique is that the property can be transformed into anything. The building as it stands is a mix of character offices with an impressive atrium as well a high bay warehouse.

“Outside there’s a large parking area. The zoning is mixed use, so the property could be realised as offices, retail, residential, alternate use or be completely redeveloped into something different.”

The property is currently owned by Ian and Richard Malouf

The building has a total area of 1220sq m and is on a 1275sq m site with development upside.

Mr Jones said the premium and unique nature of the property would suit a broad base of buyers, from owner-occupiers seeking new headquarters in an inner-city location, to boutique residential developers capitalising on Teneriffe’a popularity as a premium lifestyle suburb.

“This is a rare opportunity to acquire a significant land holding in one of Brisbane’s most popular suburbs,” he said.