Old Sizzler property sold to city investor
MONTHS after the last cheese toast was sold in November last year, the future of the old Toowoomba Sizzler has been confirmed.
The 5700 sqm property, which features the restaurant building and dozens of car parks on the intersection of James and Hume Streets in Toowoomba City, has sold to a local investor through Hodge Real Estate.
While the details of the sale remain confidential, it is understood the investor is involved with car rental company Avis.
Agent Edward Hodge said he expected the sale would coincide with a surge in commercial investment sales for the rest of the year.
“The property was sold offmarket to a local investor who had been looking for a prime corner site on the fringe of the CBD,” he said.
“There is a large volume of capital looking for quality commercial assets in Toowoomba, and I expect there will be a surge of transactions in the second half of this year.”
The sale comes on the back of Hodge Real Estate expanding into commercial sales following its move into residential sales last year.
The Toowoomba site was one of the last remaining Sizzler restaurants in Australia to close.
Speaking at the time, franchisor Collins Foods said Sizzler had been hardest hit during the Covid-19 pandemic and the restaurants had operated at a loss since the onset of the crisis.
“Based around a casual dining concept and unlike Collins Foods’ KFC and Taco Bell restaurants, Sizzler revenues and earnings have been slow to recover from peak COVID-19 impacts, and the overall Sizzler business has continued to operate at a loss since the onset of the crisis,” the statement said.
The final day was on November 16, with locals packing out the restaurant to support the business one last time.
“This is where we celebrate everything, this is where we get together as a family,” resident Angie Boden said at a time.
“We’ve talked through some of the world events that have happened, and celebrated births of children.
“So we’ll miss all of that.”