Fortitude Valley retail icon Waltons department store to be put up for sale

A SLICE of Brisbane retail history will go on the market with expectations of strong local and offshore interest in the prime Fortitude Valley property.

The Waltons store in Fortitude Valley back in its heyday in 1957.

A SLICE of Brisbane retail history will go on the market with expectations of strong local and offshore interest in the prime Fortitude Valley property.

The former Waltons department store building, which closed down in 1987 and has been in the hands of investment company Mount Cathy Pty Ltd ever since, is being marketed by Knight Frank and Glen Gracie Real Estate.

With frontages on Brunswick and Wickham streets, the three classical building complex was constructed in 1907 by the Overell retail family. It was taken over by Waltons in 1956 and was part of the then vibrant Fortitude Valley retail hub.

Since Waltons’ demise it has had number of different uses, with the most prominent being an Asian novelty product store on the ground floor facing Brunswick St.

Knight Frank’s Christian Sandstrom said the property, with heritage facades, was likely to receive interest from both local and offshore investors as well as developers.

“The property could suit a large cross-section of buyers looking to undertake a substantial refurbishment for re-adaptive use,” he said.

“Alternatively under the local plan a substantial mixed use development including retail, residential or commercial of the site is allowable, which would incorporate the heritage elements of the existing buildings.”

The property, which occupies one of the remaining significant land holdings in the heart of Fortitude Valley, has a site area of 3489sq m.

It features an entry to the Fortitude Valley train station and adjoins LaSalle Investment Management’s proposed $500 million redevelopment of the Valley Metro Centre.

Knight Frank’s Justin Bond said Fortitude Valley had experienced increased institutional foreign investment from the US, Britain, South Korea, Hong Kong and China.

“Unlocking the redevelopment potential of this property will further promote Brisbane globalisation development and the continued urban renewal of the Valley Heart Precinct,” he said.