259 Water Street, Spring Hill
Listing data updated 27 July 2026
2 bed2 bath2 car235 m² land
- With premium new two bedroom apartments in nearby developments such as "Oria" commanding prices from around $1.7 million, this unique freehold property for roughly the same price represents an exceptional opportunity to secure land, flexibility and future potential in one of Brisbane's fastest-growing inner-city precincts. Positioned on a prominent 235 sqm mixed-use allotment, almost opposite the proposed "Lotus on Water" 15-storey apartment development by Keylin and just 500 metres from the Oria development currently under construction, the property is ideally located within Brisbane's emerging 2032 Olympic growth corridor. Offering far more than a typical apartment, this beautifully renovated character property combines timeless charm with exceptional versatility. Whether you are seeking a premium residence, professional office, investment or a live-work environment, the property provides opportunities that are becoming increasingly scarce in Brisbane's inner city. Adding to its appeal, the property comes with Development Approval (DA) to convert the building into a Class 5 commercial office with maximum Gross Floor Area (GFA), making it ideally suited to business professionals, boutique agencies, consulting rooms, medical or allied health practices, legal firms, accountants and creative studios seeking a highly visible inner-city address. The existing residence has been tastefully renovated while preserving its character features, including soaring ceilings, leadlight windows, ornate fretwork and traditional colonial architraves. The light-filled open-plan living and dining area is complemented by a well-appointed kitchen, premium bathroom finishes, elegant chandeliers, brass hardware and multiple new split-system air conditioners. Externally, the traditional shopfront façade creates a striking street presence, while the secure gated courtyard provides parking for two vehicles and features app-controlled security cameras for added convenience and peace of mind. Located within walking distance of Fortitude Valley Station, public transport, the vibrant King Street dining precinct and the RNA Showgrounds redevelopment, the property is also close to major hospitals, prestigious schools and the future Victoria Park Olympic precinct. As Brisbane continues to benefit from billions of dollars in infrastructure investment leading into the 2032 Olympic and Paralympic Games, properties offering this combination of freehold land, mixed-use zoning and approved development potential are becoming increasingly difficult to secure. Property Features: . Rare freehold mixed-use property on 235sqm . Approved DA to convert to a Class 5 commercial office . Flexible residential, commercial or live-work opportunity . Premium inner-city location within Brisbane's 2032 Olympic growth corridor . Opposite the proposed Lotus on Water development and moments from Oria . Character features including high ceilings, ornate fretwork and leadlight windows . Spacious open-plan living and dining filled with natural light . Well-appointed kitchen with quality bathroom finishes . Chandeliers, brass hardware and multiple split-system air conditioners . Traditional shopfront façade with excellent street presence . Secure gated courtyard with parking for two vehicles . App-controlled security camera system . Walk to Fortitude Valley Station, King Street and the RNA Showgrounds . Close to Brisbane Grammar School, Brisbane Girls Grammar School, All Hallows' School and St Joseph's College, Gregory Terrace . Convenient to major hospitals, parklands and Brisbane Central State School When neighbouring two-bed apartments are selling from around $1.7 million, opportunities to secure a similarly priced two-bed freehold property with approved development potential, mixed-use flexibility and land ownership in this location are exceptionally rare.
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RealistIQ estimate$1,463,000
$1,035,000$1,891,00012-month Property Outlook
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larger landrenovated
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