Red Rooster, Foodworks up for auction
FEEL like owning your own shopping centre here in Toowoomba? There’s one for sale right now.
The 2000sq m complex on the intersection of the New England Hwy and Griffiths St will go under the hammer at the end of the month and features national brands like Red Rooster and Foodworks.
The auction is being organised by Burgess Rawson Queensland principal Pat Kelly, who said the type of property rarely entered the market.
“This type of property is in the sub-$2m range – normally, it attracts a lot of interest around the Eastern seaboard,” he said.
“Toowoomba is considered a very safe home for investment, and the market likes these food-related properties.
“We’ve sold a lot of this property before and we’ve sold a lot of property around Toowoomba.
“It’s the right sort of tenancy and price point. We’ll definitely get interest in Toowoomba, because not a lot of this property comes onto the market.”
The shopping centre, which also features an Australia Post within the Foodworks, has a net income of $130,000 a year and some reasonable security in the lease lengths.
“The tenants have been there a long time and trade very well there. We don’t expect that property to be vacant,” Mr Kelly said.
No reason was given for why the owner was selling, but the news came just months after business owners at the shopping centre launched a campaign to stop an upgrade of the Griffiths St intersection that they believed would stop customers coming to the complex.
The sale will run at Burgess Rawson’s October portfolio auction at Dolton House in Sydney on October 31.
For further information about this property or current listings, Pat Kelly can be contacted on: 0412 244 456 or via email pkelly@burgessrawson.com.au.