CBD investment property goes under the hammer

AN INVESTMENT property in the heart of the Toowoomba CBD will go under the hammer next month.

CBD property up for auction through Colliers International. Picture: Colliers International

AN INVESTMENT property in the heart of the Toowoomba CBD will go under the hammer next month.

The multi-tenancy building on Mylne St in Toowoomba City, less than 50m from Grand Central Shopping, will head to auction on August 13 through Colliers International.

The two-storey commercial property has nearly 400sq m of lettable space, 10 on-site car parks and a current holding income of $62,000 per year.

A hairdressing salon and beautician's shop are among the tenants at the site, while other spaces are currently vacant.

Colliers agent Justin Eastwell said he was expecting some interest from investors in the property.

"It's partially tenanted right now, so there's some upside there - if someone wanted to wait for the current leases to expire to redevelop, they could do that," he said.

"We'd expect this week to see some more interest on it. We can see some good interest going forward.

"You're not built in like traditional CBD assets, it borders a council car park and a servo.

"I think it's a pretty unique building to buy, so the buyer might want to either rebuild or upgrade the current building."

According to RP Data, the property is owned by the QIC Ltd, which also owns Grand Central.

The auction will be held at the Land Rover Centre on the intersection of Herries and Clifford Sts on August 13 from 5.30pm.

For more information, call Justin Eastwell on 0408 458 014 or Dan Dwan on 0488 799 229.

Originally published as CBD investment property goes under the hammer