Former Walton’s building in Brisbane’s Fortitude Valley up for sale

An iconic building which was home to retailer Walton’s in Brisbane’s Fortitude Valley has been listed. 

The former Waltons department store building, which closed down in 1987, has been owned by investment company Mount Cathy Pty Ltd.

The property is being marketed by Knight Frank’s Christian Sandstrom, Justin Bond and Dominic Ong, along with Glenn Gracie of Glenn Gracie Real Estate.

Sandstrom said the property is likely to attract 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.

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

The property has a site area of 3,489 sqm with frontages to both Wickham and Brunswick Streets.

It has an entry to the Fortitude Valley train station and adjoins the proposed $500 million redevelopment of the Valley Metro Centre.

“The property is improved by a number of classical well-constructed buildings and is well-known as the Walton’s building, which was home to one of Brisbane’s largest retailers Walton’s Limited,” Bond said.

“Similar to the recent investment trends, Fortitude Valley has experienced increased institutional foreign investment from the US, UK, South Korea, Hong Kong and China.”

The property is being sold through an international expressions of interest campaign expected to start in four weeks.