Rare Inner-City Freehold with Approved Commercial Expansion

Opportunities offering this level of flexibility are increasingly rare. Prominently positioned on Water Street, the property offers a beautifully restored character building, excellent exposure and approved commercial expansion — a compelling opportunity for owner-occupiers, professional practices, investors and developers.

Set on 235m² of prime freehold land, the property has been meticulously renovated as a high-quality two-bedroom, two-bathroom residence while retaining its traditional character and commanding street presence. Importantly, Development Approval is already in place for commercial expansion, removing much of the uncertainty, time and expense associated with obtaining planning approval and providing a clear pathway to unlock the property’s commercial potential.

Occupy as professional offices or consulting rooms, continue its use as a premium residence, invest or develop — 259 Water Street offers exceptional versatility in Brisbane’s tightly held inner city. Adding to its long-term appeal is its position close to the future Victoria Park Olympic Precinct and National Aquatic Centre, together with major infrastructure investment and significant new apartment development expected to reshape this part of Brisbane in the lead-up to the 2032 Olympic and Paralympic Games.

Property Highlights:
. 235m² prime freehold site
. Development Approval for commercial expansion
. Beautifully renovated c.1920 character building
. Premium two-room, board room, two-bathroom, stunning kitchen fit-out
. High-profile position with excellent Water Street exposure
. Traditional shopfront-style façade and strong street presence
. Two valuable off-street car parks with potential for parking permits
. Large private courtyard for entertaining or staff amenities
. High ceilings, VJ walls, quality finishes and ducted air-conditioning
. Excellent natural light throughout
. Close to Fortitude Valley, CBD, RBWH, Victoria Park and major transport

Three Strategies. One Exceptional Asset:

Occupy – Establish your own professional premises in a prominent inner-city location with the benefit of residential-quality accommodation.

Invest – Lease as a premium residence while retaining the future upside offered by the approved commercial development.

Develop – Activate the existing DA and create distinctive commercial premises without starting the planning approval process from scratch.

Properties combining character, freehold land, immediate usability and approved development potential are increasingly difficult to secure. With substantial investment reshaping the surrounding precinct and quality inner-city freehold opportunities in limited supply, 259 Water Street represents a compelling acquisition for buyers seeking flexibility, exposure and long-term potential.