CBD Bailey’s store refurb to start in December after $2.9 million sale

The CBD business Lincraft will move out from the the iconic building in December to make way for a major renovation. Here’s what’s planned.

The AR Bailey building in the heart of the Toowoomba CBD is set for major renovation after sold to a group of Gold Coast investors for about $2.9 million.

The AR Bailey’s building in the heart of Toowoomba’s CBD has sold for $2.9m and is set to undergo an extensive renovation in the new year.

Drew Camm from DC Commercial sold the property to a group of investors based at the Gold Coast in late June.

The deal has now gone unconditional and is expected to be finalised by December.

“The investors have brought premises like this before and refurbished them and re-leased them,” Mr Camm said.

“They are ready to rock and roll.”

The owners are talking to several potential tenants.

The ageing building has been home to Lincraft after it was bought by the retailer’s property division, Crafty Properties Pty Ltd in 2008 for $605,000.

Lincraft has indicated it will vacate the property by the end of the year, and a closing down sale is under way.

The building was listed for sale by another agency in February 2022 for $4.2m before asking price dropped again to $3.75m in December 2023.

The building has been owned by Lincraft’s property division since 2008.

Mr Camm said the actual sale price was much closer to market value.

“It needs a lot of work, but there was a lot of interest in it,” he said

In June this year firefighters were called to site to rescue a family that were stuck in the elevator after it had a power failure.

The family was rescued without incident.

Mr Camm said the new owners are already speaking to several possible tenants, including a major retailer and a gym.

There is the potential that a gym will lease the building’s upper floors.

Originally published as CBD Bailey’s store refurb to start in December after $2.9 million sale