88 Limestone St, Ipswich
Landmark heritage complex positioned at the nexus of Ipswich's civic, legal and healthcare precincts
Originally constructed in 1897 and designed by renowned architect Brockwell Gill, the four-building complex underwent an $8 million, end-to-end reconstruction program delivering complete replacement of base building services. The elevated 4,092 sqm landholding carries triple street frontages and is 100% occupied across eight tenancies spanning allied health, legal, engineering, financial services and hospitality.
ACQUISITION DATE
June 2026
PROPERTY TYPE
Office & Hospitality
GROSS LETTABLE AREA
2,912 sqm
SITE AREA
4,092 sqm
CAR PARKING
45 bays
KEY CHARACTERISTICS
- Attractive income underpinned by a diversified tenancy base: the asset was acquired on a 7.56% initial yield with a 4.1 year WALE, 100% occupancy and no lease expiries until FY28. All commercial tenants are in their second lease term or greater.
- Material discount to replacement cost: a purchase rate of $4,469 psm sits well below the cost of reproducing the accommodation, with the vendor having invested over $8 million in modernisation alone across a four-year program.
- Embedded development upside: a 'Principal Centre' zoning supports mixed-use development of up to three storeys over the carpark portion of the site (STCA), with c.1,188 NRU of infrastructure charge credits available to offset future development charges.
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