Ruthven St office undergoes revamp

JUSTIN Eastwell of Colliers International Toowoomba is pleased to offer to the market for lease, Suite 2, 270 Ruthven St, Toowoomba City.

Located on the northern fringe of the Toowoomba CBD, this tenancy represents an outstanding opportunity to secure a location opposite what will be a major retail and lifestyle precinct, the Mills Precinct and the new Bunnings that is currently under construction.

“The property was previously leased by Heritage Bank as a support office and prior to this was tenanted by Westpac Bank,” Justin Eastwell from Colliers International Toowoomba said.

“In its former state, the interior of the property was very basic with no windows, no natural light and was not very functional.”

Based on the market trend and market feedback Mr Eastwell recommended to the previous owner that a refurbishment was required and recommended that they split the building into two smaller tenancies to suit current demands.

Due to a limit in capital funds a refurbishment was not an option for the current owner.

After a long vacancy period, a revised strategy was put forward to sell the asset using an Expressions of Interest campaign through Colliers International Toowoomba.

Shortly after the EOI closed a contract was entered and a Due Diligence period ensued.

“The buyer was looking for a property to owner occupy and while this was much larger than what they were looking for, they were able to see the potential of splitting the building into two tenancies and occupying one, while receiving income from the other,” Mr Eastwell said.

Based on the original recommendation Justin provided to the previous client, the new owner engaged VHD Studios to develop concepts and plans to turn the uninspiring building into what it is now.

“This is a great example of what can be achieved with vision and engaging the right advice,” he said.

As a result of the refurbishment there is a vacant 150sq m, open plan tenancy located adjacent to Mortgage Choice Toowoomba, that is suitable for professional services.

Additionally, there is secure on-site parking.

For further information, please contact Justin Eastwell on 0408 458 014.