INVESTORS EYE OFF BUILDING
INVESTORS and owner-occupiers are reportedly eyeing off a prominent building on a Toowoomba CBD street currently enjoying a revitalisation of bars and restaurants.
Colliers International Toowoomba has listed the two-storey commercial property on Margaret Street for sale through an expressions of interest campaign.
The arcade-style building, which sits next door to the Cube Hotel and features a distinctive light-blue facade, is almost fully tenanted with jeweller Lannah Dunn, Studio Amour and restaurant La Pizzaiola the ground-floor tenants.
It comes as Margaret Street is enjoying a renaissance with its night life, as new businesses like Cork and Lever, the Brewhouse and Karan-An move in to complement renovated mainstays like the Tatts Hotel and the newly-connected Walton Stores.
But lead agent Dan Dwan said the majority of the tenants had moved to hold over leases, opening the door for a new owner to come in and mix up the current offerings.
“Current owners have held it for many years and there are some good long-term tenants, like Lannah Dunn,” he said.
“It’s the ideal opportunity for an owner-occupier but also from the investment point of view.
“The leases have moved to hold over or period leases, so this is a good opportunity for investors.”
Mr Dwan said Margaret Street’s resurgence could dictate what the buyer would do with the property.
“The tenants that occupy the place contribute to the appeal of the asset but there’s certainly a variety of opportunities for whoever wants to realise it,” he said.
“With the activation of Margaret Street and Walton Stores, there’s a new wave to come with increased population growth, so there’s going to be a shift in appeal.”
The expressions of interest campaign for the CBD site ends on August 25.