THE Department of Education has swooped on an office/showroom in Brisbane’s south as speculation mounts over the resumption of properties opposite the West End State School.
The government department paid $1.5 million off market for the two-level property at 16 Horan St, West End, in a deal struck by Colliers International’s Philip O’Dwyer, James Marshall and Tony Wang.
Mr O’Dwyer said the refurbished 241sq m building, opposite to the West End State School, was originally contracted by a local architectural firm, in a deal struck by Colliers on behalf of the owner Derlot Editions.
“But during their due diligence period the Department of Education stepped in to buy the property and Colliers was able to affect a successful transition of the sale from the original buyer to the State Government,” he said.
The deal has increased speculation that other properties in the street that face the school and back on to the State Government owned 8712sq m Police Archives property on Vulture St will be resumed.
In the State Budget earlier this year the Government committed itself to establishing a new high school in the inner-south to take pressure off Brisbane State High School and support the expansion of West End State School.
The Department of Education and Training was contacted but no reply has been received.
Mr O’Dwyer refused to be drawn of resumption speculation.
He said the property at 16 Horan St was sold to the Department of Education for the same price the original buyer was prepared to pay. The deal realised a capital value of $6224/sq m.
“It’s a small very neat building and very attractive to owner-occupiers,” he said.