Collin House, a converted warehouse at 469 Adelaide Street, which was also known as The Ritz Ballroom, now includes 3000 square metres of space for retail and office, and has a luxurious new 700 square metre penthouse.
The building has seven floors with two levels of car parking – accessed from Howard Street – and ground level retail, two levels of showroom or office area and two levels of residential including a butler’s apartment on a 733 square metre freehold site.
Agent Chesterton International is asking for offers after putting it on the market as a mixed-use development suitable for one tenant or possibly able to be sub-let. It is a single – not strata – building.
It is believed that the building could be sold for $18 million to $20 million.
The property is being marketed by Chesterton International managing director Shaun Douglas with JPMC Retail’s Chris McDonald and Justin Mollard.
Collin House was built in 1928 as a car park and sales showroom for EG Eager and Sons, the predecessor to AP Eagers Ltd. (The AP was incorporated into the name with the merger with Alan Piper’s AP Group in 1992).
The building, which was named after prominent businessman Captain William Collin, was later occupied by the Dunlop Rubber Company, then an automotive electrical business and then a spare parts outlet. After the second world war it became government offices and then The Ritz Ballroom.
It was bought by Sydney-based coffee entrepreneurs the Frisco family in 2000 from a company controlled by AP Eagers director Nick Politis.
Mr Douglas said that the building was used as storage space and an investment before becoming vacant.
Then in 2009 the Friscos started the major renovation.
“Every element is brand new and to the highest standard,” Mr Douglas said.
“That included the penthouse added on top, featuring the largest-ever single poured terrazzo slab in Queensland, sweeping river vistas and 14-metre soaring ceilings.
“The opportunities are endless – mixed use, corporate office, signature restaurant to name a few.”
Collin House is offered for sale by expressions of interest, closing December 14.
By Neil Dowling