Ipswich Icon Investment - The "Old Flour Mill"

Positioned within Ipswich's tightly held Top of Town precinct, the Old Flour Mill at 227-229 Brisbane Street presents a rare opportunity to secure a fully leased, multi-tenanted commercial asset with strong underlying income and long-term upside.

Set across a prominent heritage-listed building, the property comprises of 19 tenancies spanning retail, commercial and residential uses, all currently leased, delivering immediate and diversified income from day one.

Key Investment Highlights:
• 19 tenancies - 100% occupancy
• Gross Income approx. $218,838 + GST
• Consistent 3% annual rent increases across multiple leases
• Diverse tenancy mix reducing reliance on any single occupant
• Multi-level building with lift access servicing the lower 3 levels
• Recent capital works completed (roof, stormwater, amenities, courtyard)
• High-exposure position within Ipswich CBD's "Top of Town" precinct
• Strong foot traffic driven by café and lifestyle tenancies

Originally constructed in the early 1900s and thoughtfully upgraded over time, the Old Flour Mill blends heritage character with modern functionality. Extensive improvements completed between 2019 and 2025 have significantly enhanced the building's usability, accessibility, and long-term performance.

With major capital works now complete, the property offers a stable income base with potential to further enhance returns through continued tenancy optimisation, rental growth, and activation of remaining underutilised areas.

The existing mix of retail, hospitality, and service-based tenants has established the property as a destination within the precinct, with scope to build on this momentum.

Opportunities to acquire a fully stabilised, income-producing heritage asset of this scale within Ipswich's CBD are exceptionally rare. The Old Flour Mill represents a compelling combination of character, income security, and future potential.

Inspections

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School catchments

St Mary's Primary School Primary Prep-6 Catholic 0.27km
Indie School, Logan - Ipswich Central Campus Secondary Independent 0.32km
Ipswich Grammar School Combined Prep-12 Independent 0.38km
St Edmund's College Combined 5-12 Catholic 0.49km
St Mary's College Secondary 7-12 Catholic 0.50km
The BUSY School - Ipswich Campus Secondary Independent 0.57km
Blair State School Primary Prep-6 Government 0.74km
Ipswich West State School Primary Prep-6 Government 0.90km
The Industry School - Ipswich Secondary 10-12 Independent 0.92km
Arethusa College - Ipswich Temporary Facility Secondary Independent 0.96km
Ipswich Central State School Primary Prep-6 Government 1.5km
Ipswich Girls' Grammar School including Ipswich Junior Grammar School Combined Prep-12 Independent 1.5km
Ipswich North State School Primary Prep-6 Government 1.5km
Bremer State High School Secondary 7-12 Government 2.1km
Leichhardt State School Primary Prep-6 Government 2.2km
Ipswich Adventist School Primary Prep-6 Independent 2.2km
Immaculate Heart School Primary Prep-6 Catholic 2.3km
Ipswich East State School Primary Prep-6 Government 2.4km
St Joseph's School Primary Prep-6 Catholic 2.6km
Ipswich State High School Secondary 7-12 Government 2.7km
Silkstone State School Primary Prep-6 Government 2.9km
Brassall State School Primary Prep-6 Government 2.9km
Queensland Pathways State College - Bundamba Campus Secondary Government 5.5km
West Moreton Anglican College Combined Prep-12 Independent 5.7km
Bundamba State Secondary College Secondary 7-12 Government 5.7km
St Peter Claver College Secondary 7-12 Catholic 8.3km
YOS Lawnton - Riverview Campus Secondary Independent 9.6km

Nearest schools, measured in a straight line from the property. Provided as a guide only; check catchment and enrolment eligibility with the school. School data © ACARA, licensed under CC BY 4.0.

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