The government of Queensland state in Australia has taken the decision to sell its property known as Queensland House in London.
The property is located on The Strand in Westminster, and is valued at at least £20 million (AU$38m).
The building will not only provide the state with a lump sum but will also save on significant running costs year on year, currently estimated at AU$400,000 (c. £200,000), with potential savings of around AU$300,000 (c. £160,000).
The building comprises six storeys and five car parking spaces. It was bought for AU$4 million in the 1980s but has for some time been seen as anachronistic, given the existence of the Australia Centre and the Australian High Commission nearby, with particular controversy arising at the extensive and expensive renovations in 2005. The possibility of selling the building has been mooted for some years and has now been taken with the instruction of commercial property agents.
The occupiers of the 1960s-built site, the Queensland agent general and eight staff, who occupy three of the six floors, will move to the nearby Australia Centre building in the next few months, to join the state trade commissioners. The remaining floors in the Strand building are currently rented to retail and law firms.
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