Strip club property on market

Building with The Vault for sale

THE owners of the building that houses Toowoomba’s only strip club, The Vault, have put the property on the market for nearly $4 million.

McGrath Estate Agents launched the campaign yesterday for potential buyers of the 1700sq m property, which has been occupied by the toprated adult entertainment venue since 2014.

It’s the first time the building, on the intersection of Ruthven and Russell Sts, has entered the market through a campaign in about 20 years.

Lead agent Drew Camm said the current owners were a pair of Chinese investors who wanted to move the property along.

“They’ve held it for 20 years, so it’s quite rare for someone to hold a premises downtown for 20 years,” he said.

“Those owners are now making a decision about what they want to do with the prop- erty.”

The Vault was named the best strip club in Australia in 2016, and is a regular award winner as an entertainment venue.

On top of its high-profile tenant, Mr Camm said the building boasted an unused upper floor that would suit office space.

“(The Vault) just signed another five year lease and there is also about 730sq m of lettable office space that is completely underutilised,” he said.

“You could perhaps gain another $100,000 a year, on top of what you’re actually getting, for one of the prime spots in the CBD.

“I expect a lot of interest, because a lot of the out-oftown investors I’ve been speaking to want a property like this - something with a stable tenancy.”

For more information about the listing, call Drew Camm from McGrath Estate Agents on 0432 055 250.