Margaret St Toowoomba CBD property sell through LJ Hooker for $2.045m

More than 17 years after it was previously sold, an out-of-town investor has bought a prominent Toowoomba CBD property.

An out-of-town investor has snapped up a large Toowoomba CBD property in a deal worth more than $2m.

The two-storey commercial building on Margaret St sold for the first time in 17 years following a campaign through LJ Hooker Toowoomba.

The early-20th century property features a diverse range of retail, office and food businesses across its 750sq m space and was the home of barber shop Joel’s Salon for many years until recently.

SOLD: 217 Margaret St in Toowoomba City has sold to a Brisbane buyer for $2.045m.

Selling agent Justin Eastwell said the Brisbane buyer would now focus on upgrading the top floor to improve the office tenancies.

“I think it was a good result — it’s a Brisbane buyer, they’ll be looking to upgrade the property internally and it’s still fully tenanted at the moment,” he said.

“Just a couple of retail shops and small office spaces, that’s where the focus of the upgrades will be.”

SOLD: 217 Margaret Street in Toowoomba City has sold to a Brisbane buyer for $2.045m.

Mr Eastwell said some interested parties had explored converting the top floor into residential units using the Toowoomba Regional Council’s shop-top living guidelines, but ultimately found it too difficult.

“We did have a couple inquiries, but unfortunately the requirements (around car spaces, natural lighting and fire compliance) don’t make it feasible whatsoever,” he said.

A group of Brisbane-based investors owned the property for more than 17 years, purchasing it for $1.5m in 2005 according to RP Data.

SOLD: 217 Margaret Street in Toowoomba City has sold to a Brisbane buyer for $2.045m.