FOR SALE: Offers above $1.3m for Toowoomba CBD property

THE owner of a property in the Toowoomba CBD is wanting offers above $1.3m to buy the building, in an opportunity for inner-city units, according to the agent.

CBD property for sale on Ruthven St, Toowoomba. Picture: LJ Hooker

THE owner of a property in the Toowoomba CBD is wanting offers above $1.3 million to buy the building and land, in an opportunity to develop inner-city living, according to the agent.

The building on Ruthven St in Toowoomba City hit the market late last week after it was listed through LJ Hooker.

Two tenants, tabletop and card game retailer Battlestation and boutique shop Premier Cane, currently occupy the building on three and five-year leases.

Lead agent Chris Stewart said the site was covered by the Toowoomba Regional Council's CBD overlay, which restricted changes to the front facade.

But he said the ability to build up to three stories and access to the rear of the building through Mark Ln made it a prime opportunity to develop CBD units above the ground level in the future.

"The CBD is going through its regentrification process right now," Mr Stewart said.

"I can see this going for CBD living - you can go to three stories with some residential living.

"You've got the back alley access which could open up basement parking opportunities.

"It's part of the principal centre character overlay, so you have to keep the front similar but you could install a lift and add CBD parking."

According to RP Data, the property was bought by Toowoomba investor Bridgestock Investments Pty ltd for $1m in 2015. The site was sold four times prior to that.

For more information about the listing, call Chris Stewart on 0451 948 001 or check out the online listing.

Originally published as FOR SALE: Offers above $1.3m for Toowoomba CBD property