Warehouse conversions in Brisbane have become hot property despite an oversupply of Brisbane apartments, thanks to their unique characters and alternative designs. Suburbs like Teneriffe, with its iconic Woolstore factories-turned-apartments, have changed the residential landscape in Brisbane. A rare Winchcombe Woolstore penthouse is seeking offers over $1 million.

"We have lots of people downsizing from larger homes in the ring suburbs around Brisbane who want to come and enjoy the lifestyle Teneriffe offers," said Place Estate Agents selling agent Deb Maguire. "It is really a marrying of old and new, so you do have the flavor of yesteryear but you can add your own modern touches."

Character and location are prime factors when it comes to Woolstores. One of the in-demand Woolstores in the market is a top floor 111/54 Vernon Terrace apartment with an 18-foot ceiling, open living space, river views, and open brick walls, which serve as a reminder of the workers who used to graft inside the walls. Other Woolstores on the market include 215/50 Macquarie Street and 54 Vernon Street, both seeking buyers in the low $1 million.

However, buyers' agent Pete Wargent warned that Woolstores often come with high body corporate fees, so it is important to check for hidden costs.

"People will always pay for character, but it is important buyers make sure they won't get hit with any special levies," he said. "Obviously, things like this work on a case-by-case basis, but it's important to ensure there is not going to be any hidden body corporate fees if something in the building gets damaged."