Toowoomba’s Pigott’s Building sells to interstate developer in ‘benchmark’ CBD deal

It’s been a landmark property in the Toowoomba CBD for more than a century. Now a developer plans to breathe new life into the heritage-listed site.

SOLD: The heritage-listed Pigotts Building in the Toowoomba CBD has been sold to an interstate developer, which plans to invest tens of millions into the property.

One of the Toowoomba CBD’s most distinctive properties will be revitalised to host residential and commercial uses, after it sold to an interstate developer in a “benchmark” sale for the city centre.

The Pigott’s Building on Ruthven Street, which was built in 1910 by legendary architect James Marks, was sold through Colliers International for the first time in 30 years.

Most recently the host of furniture chain Super Amart, selling agent Dan Dwan confirmed the property would be revamped under a new owner.

While he couldn’t confirm the price, Mr Dwan said the sale would set a precedent for CBD properties.

SOLD: The heritage-listed Pigotts Building in the Toowoomba CBD has been sold to an interstate developer, which plans to invest tens of millions into the property.

“It has sold to interstate investor and development group, which have acquired the site,” he said.

“The indication is it will go along a residential-accommodation development across part of the site.

“It’s going to be quite exciting for the CBD.

“It achieved a favourable sale rate, it should set some benchmarks for CBD assets.”

It comes after a number of residential and mixed-use developments were approved in the CBD by the Toowoomba Regional Council, including two on Mylne Street.

The council has also offered incentives to developers who want to create residential projects.

Mr Dwan said what the new owners were proposing would be in line with the council’s vision for more inner-city living across Toowoomba.

SOLD: The heritage-listed Pigotts Building in the Toowoomba CBD has been sold to an interstate developer, which plans to invest tens of millions into the property.

“They’re an accomplished developer and the vision aligns with the council’s vision for the CBD so I think it’s going to be an exciting development,” he said.

“The total investment is going to be in the tens of millions.”

The property was the home of the Pigott’s Department Store and underwent several expansions until the 1980s, when it was leased to McDonnell and East.

According to the Queensland Heritage Register, the oldest part of the building is the southeast corner facing Ruthven Street, with subsequent extensions made to the west and the north.

The property was last sold in 1992.