Ipswich’s iconic Old Flour Mill offers rare fully leased investment opportunity

The property, which features a rooftop residence, at 227-229 Brisbane Street, Ipswich is being marketed by Ray White Ipswich principal Warren Ramsey and sales agent Morrie Marsden via expressions of interest.

Mr Marsden said the property is an amalgamation of two lots, with a four-level tower, which was extended to include an upper and lower levels at the rear of the property during the building’s 1993 upgrade.

Positioned in the tightly held Top of Town precinct, this heritage-listed landmark is currently 100 per cent occupied across 19 diverse tenancies, spanning retail, hospitality, and professional services.

Built in 1901 for the Ipswich Milling Company and designed by renowned architect G.B. Gill, the property has evolved from a producer of Snowcloud flour into a vibrant multi-level lifestyle destination.

The asset delivers an immediate and diversified gross income of approximately $218,838 plus GST, bolstered by consistent 3 per cent annual rent increases across multiple leases.

Extensive improvements completed between 2019 and 2025 - including upgrades to the roof, stormwater systems, amenities, and the central courtyard - ensure the building meets modern functional standards while retaining its polychrome brickwork and early 20th-century charm, Mr Marsden said.

The internal layout reflects the building’s storied past, having served as a Cribb and Foote department store, a Johnson family car showroom, and the longtime home of radio station 4IP.

The upper level now features a sprawling two-bedroom residence in the space formerly occupied by the radio station, offering a unique live-work component or premium rental opportunity.

The floor directly below houses a newspaper office, while the remaining levels are split into a mix of boutique retail and service suites.

With lift access servicing the lower three levels and a high-exposure street presence that drives significant foot traffic, the Old Flour Mill remains a cornerstone of the Ipswich CBD.