Classification of Factory

Hi all! If a property developer purchases a factory. The purpose of the purchase is not stated. However, the property developer inspected the factory and it was found out that the factory was inadequate for the purpose it is used. Hence, the property developer demolished and reconstructed the factory. May I know if this is classified as a Property, Plant and Equipment (IAS 16) or an Investment Property (IAS 40)? Are there any justifications to determine what it is?