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Ipswich's $145m Icon Tower sale seen as game changer for region


The $145 million record-breaking sale of Ipswich's Icon Tower is being seen as a major vote of confidence for the city and a hint for what the future may hold.

Cromwell Funds Management sold the nine-storey CBD building to Castlerock properties last week.

The building currently has a 15-year lease with the state government for at least 10 departments.

The Ipswich CBD is now the home of Queensland’s most expensive office building outside of Brisbane,

Ipswich Mayor Teresa Harding says it is fantastic to see another vote of confidence in the Ipswich CBD.

“As we welcome an additional 325,000 residents to 2041, Council is committed to providing a world-class city centre for the local community,” Cr Harding says.

“Our vision is for this precinct to stay at the heart of the city’s civic, cultural and economic activity in the years ahead, with a distinctive Ipswich identity.

“The next two years will see further steps forward around our established businesses and new libraries and administration building, as we progressively open a dining, entertainment and retail precinct from Easter 2022.”

Deputy Mayor Nicole Jonic echoed those sentiments and described the sale as a game changer.

"I think it shows there is a definite movement for people to see the growth potential, economic stimulus within our city," she says.

"I see this as one of the main gems in our crown to lead people back into the CBD.

"It cements what we were trying to achieve."

Ipswich Central Redevelopment Committee chairwoman Marnie Doyle says the council is working to drive more investment to create world-class opportunities for the Ipswich community.

“Our city is experiencing incredible growth and the record-breaking sale of ICON Tower shows genuine business confidence in the Ipswich market and what our community has to offer,” Councillor Doyle says.

“As the reinvigorated city centre takes form it will create new jobs, draw more visitors and be an important part of the bright future for our liveable and prosperous city.”

About $183 million has been spent on the civic components of the Nicholas Street Precinct to date, as part of Council’s $246 million redevelopment.

Alongside the redevelopment of the former mall, the council has completed several revitalisation and greening projects in Ipswich Central, including funding 12 shopfront upgrades under the $137,000 Pilot Façade Improvement Program and installing vertical gardens and planter boxes.