Landmark Valley sites on market

Courier-Mail, 4 July 1997 (by Wilson B, source QNP). Reproduced as a primary source.

COURIER-MAIL Edition 2 - FIRST WITH THE NEWSFRI 04 JUL 1997, Page 032 Landmark Valley sites on market By WILSON BSource: QNP

TWO of Fortitude Valley's landmark properties, the former Waltons department store site and the Sunday Sun premises, are on the market for redevelopment in what has become a burgeoning urban renewal precinct.

The Waltons building is adjacent to the Seymour Group's recently purchased Valley Plaza Centre and the Brunswick Street railway station.

The four-storey building, which until 1992 was the headquarters of Sun Newspapers, is in a strategic location near the Story Bridge.

Both properties are being marketed separately for residential/retail/commercial refurbishment opportunities in the urban renewal precinct.

In the retail heyday of the Valley, the Waltons department store was one of three big retailers that reportedly drew 40 percent of the Brisbane CBD retail expenditure.

Known as Overells until the 1950s, the department store continued under the Waltons banner until sold to the Norman Ross chain in 1987, which later closed.

Under the urban renewal programme for the area, there are a wide range of uses for the former department store, including mixed residential/retail or a hotel development.

Chesterton International director for corporate sales Paul Wilson said the pending sale by expressions of interest had already created considerable word-of-mouth interest.

Vendor Mt Cathay Pty Ltd is offering the property freehold under two purchase scenarios.

Kieran Cox of Jones Lang Wootton said the Waltons site consisted of two properties zoned commercial at 238 Brunswick Street with total floor areas of 10,420sq m and 2220sq m respectively.

Purchasers can make an offer on the main site (ground area 2668sq m), with the adjoining 827sq m site available for purchase together with the main site.