Piece of history sold
AN HISTORIC building in Townsville’s CBD has sold to an out- of- town investor for just under $ 2 million.
The property, at 336 Flinders St, Townsville City, which houses tenants such as Night Owl and Coffee Dominion was snapped up by a Cairns investor. It’s the first time the building has changed hands in more than 30 years after it was listed for sale by expressions of interest in June.
It was sold by Todd Walsh from Colliers International, who said the building was in a great location and had redevelopment potential.
“The buyer saw there was good prospects in the longterm for that location and good holding income,” he said. “There is a good return on in- vestment but there is also the potential to redevelop about 1000sq m of office space above the ground floor tenancies.
“It could also be converted to residential.
“We’ve had 20- odd inquiries about the property and a lot of southern- based interest.”
The property generates income with eight commercial and retail tenancies on the ground level. The building has 1584sq m of space and has a net rental income of $ 245,904.56 ( ex GST).
It was built in the 1920s and was occupied by the Commercial Banking Company of Sydney before they vacated in the 1970s.
It was then broken up for multipurpose use.
An extension was done in the 1950s, which now houses Coffee Dominion.