Toowoomba’s Rowe family revealed as buyer of Pigott’s building in CBD, plan to spend more than $1m on upgrade
The new Toowoomba owners of a heritage-listed CBD property will spend more than $1m upgrading it. See inside the building and its future plans here:
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One of Toowoomba’s most respected family businesses has revealed its plans for the heritage-listed Pigott’s building on Ruthven St, after snapping it up for $4.4m at auction.
The Rowe family, the owners of Rowes Furniture on Russell Street for more than 130 years, will spend more than $1m upgrading and improving the famous building along Ruthven Street following the December sale.
The 113-year-old building was the home of the Amart furniture store chain for many decades before the brand’s then-owner John Van Lieshout moved it out more than five years ago and put the property on the market.
The price Rowes paid is more than $2m less than what a Melbourne-based developer Oxford Capital paid Mr Van Lieshout for it in 2021.
The sale had been forced by administrators after Oxford Capital’s collapse last year.
Now back in local hands, Rowes general manager Paul McMahon said the company would start soon on a major refresh of Pigott’s to bring it up to code and make it ready for new tenants.
“We’ve got enormous confidence in the area and we can’t think of a better property or asset for our portfolios in Toowoomba, especially since it’s next door to the properties we own,” he said.
“We’ll initially make it safe, we’ll be upgrading all the electrical, fire and sprinkler systems and bring it up to code.
“There’s about 6600 sqm of GFA and we’ll be focusing on the 4500 sqm of the ground floor and the first floor — there’s quite a deal of work needed.
“It will cost in excess of $1m to upgrade it — it all needs to be tidied up but it’s a beautiful building.”
Along with its two main floors, the sprawling and sometimes labyrinthine property includes a mezzanine that was used for staff, a top floor filled with small rooms and a basement level.
Three agencies, Colliers, Ray White and LJ Hooker, will now be tasked with finding new tenants to fill the huge space.
“We’re chasing tenants for the ground-floor, it’s about 2000 sqm, and we’ll be doing the same for the first floor,” Mr McMahon said.
“Your large format retailers, that will be (the aim for) the ground floor.”
Mr McMahon said Rowes had a strong track record of upgrading heritage properties, pointing to its own precinct on the corner of Russell and Victoria Streets.
“It’s got its challenges with heritage overlay, but the Rowe group has shown their ability with their sympathetic approach to Russell Street,” he said.
“The Rowe Group has handled 58 Russell Street sympathetically and we’ll do the same here.
“The Rowe family is really backing Toowoomba.”
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