Shafston House listed by Keith Lloyd
Located at 46 Thorn Street, the one-hectare property includes the Shafston House and three other campus buildings.
Sources say it has expectations of around $40 million.
Some 3,253 square metres of strata title space over five levels in the Shafston University Mansions is included in the offering.
Lloyd’s family company holds a 10-year lease on the campus and will continue to own and run the college.
The components offered on this Brisbane property form a combined commencing rental of $2,343,050 per annum with annual review increases.
“It’s being sold as a going concern investment. It’s an education investment,” says Rick Bird of Ray White Transact.
“We expect a lot of interest from Asia.”
The 160-year-old Gothic-style house was built in 1851 by explorer Henry Stuart, and continued as a family home for over 60 years.
In 1915, the property first began as an educational institute when it was leased to the crèche and kindergarten association.
Following World War One and a shortage of hospital accommodation, the government acquired the property to house the wounded.
Lloyd acquired the leasehold from restaurateur Gary Balkin in 1994 and established Shafston International College in 1996.
More than 60,000 students have attended the college since its inception.
Llyod has also listed an adjoining 1,812-square-metre corner site, which allows for a 20-level mixed-use building.
Located at 16-32 Thorn Street, the site includes an apartment complex of 31 apartments, currently being operated as student accommodation.
The corner sit can be purchased along with the larger site under long term lease to Shafston College, but depending on interest levels, may be sold as a seperate parcel.
The Shafston House is the third oldest house in Queensland and has been listed by Rick Bird and Joe Tynan from Ray White Transact.
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The current policy solves a short-term problem by creating jobs in the building sector, but in the long run it is likely to place young first home buyers under financial pressure.