Ipswich CBD is now home to Queensland’s most expensive office building outside of Brisbane after Cromwell Funds Management sold the nine-story ICON Tower for $ 145 million.
The tower, which currently houses ten state departments and agencies at 117 Brisbane Street, was purchased by Castlerock Property ahead of the expected settlement date on October 21.
Ipswich Mayor Teresa Harding said it was fantastic to see another vote of confidence in the Ipswich CBD.
“As we welcome an additional 325,000 residents by 2041, the council is committed to providing the local community with a world-class city center,” said Mayor Harding.
“Our vision is that this district will remain at the heart of the city’s civic, cultural and economic activity with a distinctive Ipswich identity for the years to come.
“In the next two years we will see further steps around our established shops and new libraries and administration buildings as we gradually open a restaurant, entertainment and retail district from Easter 2022.”
Ipswich Central Redevelopment Committee chairman Marnie Doyle said the council was working to drive more investment to create world-class opportunities for the Ipswich community.
“Our city is experiencing incredible growth and the record-breaking ICON Tower sale shows real business confidence in the Ipswich market and what our community has to offer,” said Cr Doyle.
“When the revitalized city center takes shape, it will create new jobs, attract more visitors and be an important part of the bright future for our livable and prosperous city.”
To date, the city council’s $ 246 million redevelopment has spent approximately $ 183 million on the civilian components of the Nicholas Street Precinct.
In addition to redeveloping the former mall, Council has completed several revitalization and greening projects in Ipswich Central, including funding 12 storefront upgrades under the $ 137,000 pilot facade improvement program and installing vertical gardens and planters.
The council negotiated a deal to sell its former premises with West Moreton Health in 2020, paving the way for a dedicated health center around Roderick and South Streets.