Plans for Waltons redevelopment in Fortitude Valley in limbo

With an important deadline passing, it seems the start of a long-awaited Brisbane development might be on the backburner.

THE deadline for the settlement of the purchase of the historic Waltons building in Fortitude Valley has passed putting any hopes for the start of the long-awaited redevelopment of the site on the backburner.

Earlier this year Sydney-based fund manager Millinium Capital Managers announced on the ASX a proposed $180 million project on the site with settlement due September 20.

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Commercial Confidential: All the latest Brisbane property news, gossip, leasing and sales information

Commercial Confidential: Brisbane property, leasing and sales news and gossip

However, a unit holders revolt, legal action by the Millinium Capital controlled Millinium Alternatives Fund against a number of parties and an Australian Securities Exchange investigation into the fund stymied any progress.

Millinium representatives were not available for comment.

Early plans for the former Waltons department store site in Fortitude Valley.

But not all is lost with agents understood to be in “continuous discussion with other parties”.

Knight Frank’s Christian Sandstrom refused to give further details but there remains hope that the site at 240 Brunswick St and 11 Overells Lane will one day be transformed from the eyesore it currently is.

For the record Millinium had wanted to develop the site into an education hub.

It had secured Torrens University on a 12-month lease as the anchor tenant for the project.

The project’s first stage, which was expected to be completed by the end of 2020, would have involved the refurbishment of the heritage-listed Overells and Lincoln Mills buildings.

The university’s front entrance aimed to revitalise the Wickham St facade and the existing Brunswick St shopfront.

Overells Lane would have also have been opened up, with access to the station from the building, and a university-owned restaurant will be established on the lower ground floor.

The second stage would have involved the demolition of the former Waltons store and part of the Braggs building, while retaining their facades.

A 30-storey tower was proposed for the Waltons site, with a mix of student and co-living accommodation and co-working spaces. There will be a new public plaza, a link from Brunswick St to the station as well as a retail precinct.

The former Overells building which is part of the Waltons department store site in Fortitude Valley.

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CREDIT Union Australia has joined a growing band of businesses looking for new space in the Brisbane CBD or fringe.

CUA, which is currently at 145 Ann St, is seeking 6000sq m to 8000sq m, with 300 George St, the Midtown Centre or staying at their present digs the likely options.

Meanwhile, Sunsuper is eyeing three possible locations in the CBD and five in the fringe for its new headquarters.

The superannuation fund, which is currently in the Milton Green office park which it owns with AMP Capital Diversified Property Fund, has a 10,000sq m to 13,000sq m office requirement with a deadline of April, 2023.

An artist's impression of 370 Queen St, Brisbane CBD.

Also, the Federal Government’s Department of Human Services is seeking to consolidate up to four of its Brisbane CBD locations into a new office tower with a 38,000sq m requirement.

With the aim of a new Queensland head office to be open by 2024, the usual suspects — The Regent on the Queen Street Mall (ISPT), 370 Queen St (Investa/Charter Hall); 62 Mary St (QIC); 205 North Quay (Cbus Property/Nielson Properties) and others — are in the mix.

We also understand Virgin Australia is closer to kicking off a formal requirement process to find new headquarters.

The airline is currently at the Charter Hall-owned office building at 56 Edmondstone Rd, Bowen Hills, with up to six or seven years left on the lease.

It is understood CBRE is running the off-market search and sources say if there is a formal requirement they would be looking at around 15,000sq m in the fringe.

An image of Cbus Property and Nielson Properties office tower development, 205 North Quay.

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A HERITAGE-listed building that was the long-term head office of Malouf Pharamcies is on the market.

The Malouf family is selling the property at 132-134 Commercial Rd, Teneriffe, which was originally occupied by Whatmore Mcintosh Motors Ltd.

The building, being marketed by Place’s Heath Williams and Matt Crook, has 1275sq m of usable space and has an heritage facade and stunning double height void with raw exposed beams.

The iconic building is within walking distance to great local amenity and entertainment precincts including, Gasworks Shopping precinct, James St and Vernon Tce/Macquarie St retail strip.

Malouf Pharmacies are now headquartered in Spring Hill.

According to CoreLogic the property last changed hands in 2001 for $1.125 million.

132-134 Commercial Rd, Teneriffe.