Alceon QLD and OPD have acquired the former Golden Casket building in Woollongabba

The former Golden Casket building at Woolloongabba is set for a major refurbishment by its new owners to attract a range of potential new businesses. SEE WHAT IT WILL LOOK LIKE

The combination of two of Queensland’s leading suburban office park development and investment companies has taken another well-calculated punt.

In a second joint venture, Alceon Queensland and OPD have acquired the former Golden Casket building at Woolloongabba from Australia’s largest gambling entertainment group Tabcorp.

The three-storey office building on a 5562sq mixed-use site at 87 Ipswich Road was purchased vacant possession with plans to undertake a significant refurbishment of the building, repositioning the asset to accommodate a multitude of occupiers — including office, medical, laboratory and specialist uses.

The acquisition follows Alceon Queensland and OPD’s successful debut joint venture, selling two refurbished buildings in Brisbane’s Garden City Office Park on record yields and rates per square metre for suburban office assets.

An artist's impression of the new look Golden Casket building at 87 Ipswich Road, Woolloongabba.

OPD managing director Bill Henderson said with 87 Ipswich Road they aimed to continue to give value to their clients by providing A-grade office accommodation together with the number of car parks they require at a cost that they can afford.

“Woolloongabba is a city fringe suburb only 2km from the CBD that is undergoing a massive transformation,” he said.

“The Cross River Rail and Brisbane Metro infrastructure projects are not only set to provide the area with outstanding connectivity but also will be the catalyst for its further growth.”

On a highly exposed site, the office building at 87 Ipswich Road is also close to three major hospitals (Princess Alexandra Hospital, Mater Private Hospital and Queensland Children’s Hospital) and surrounded by exceptional amenity, including the Logan Road dining precinct and Gabba sports stadium.

The building has 4600sq m of net lettable area over three levels with a 500sq m roof terrace and 133 carparking spaces. The site has a code assessable maximum building height of up to six storeys allowing a gross floor area of more than 30,000sq m.

An artist's impression of the new look Golden Casket building at 87 Ipswich Road, Woolloongabba.

It was developed in 1989 by the then Queensland Government-owned Golden Casket lotteries operation, which was sold in 2007 to Tatts Group and is now a member of the Tabcorp group.

It remained the Queensland head office of Tabcorp’s lotteries division until last year when it relocated to 180 Ann Street in the Brisbane CBD.

The sale was negotiated by Colliers International’s Jason Lynch and Don Mackenzie. Industry sources say the building would have sold for between $14m and $17m.

Alceon Qld executive director Todd Pepper the joint venture partners both operated very successfully in that urban office park development/investment space over many years.

“So instead of competing against each other, and given the success of our first joint venture, we’ve partnered up again to buy 87 Ipswich Road to further capitalise on the individual strengths and capabilities of our companies,” he said.