Prime CBD site sold as laneway culture progresses

THE Toowoomba CBD is set for a major transformation after five investors snapped up one of the city's most prominent buildings.

The Longs building Ruthven Street has been purchased by a group of investors to be renovated into a series of shops/eateries. June 2017. Picture: Bev Lacey

THE Toowoomba CBD is set for a major transformation after five investors snapped up one of the city's most prominent buildings.

The Longs Building on Margaret St sold for more than $3 million with plans to revitalise the site into a dining and retail precinct.

It will see the former home of Veraison and Cafe Forte redeveloped into a modern space cashing in on the emerging laneway culture in the city.

The redevelopment will tie in with the Toowoomba Regional Council's plan to open Margaret St to Annand St by a pedestrian laneway similar to Kwong Sang Walk on Ruthven St.

Investor Mark Adamson of As Planned Development said the Longs Building was in a prime location that, when renovated, would transform the food and retail offerings on Margaret St.

The Longs building Ruthven Street has been purchased by a group of investors to be renovated into a series of shops/eateries. June 2017. Picture: Bev Lacey

"It's a very exciting time and we are looking forward to the opportunity of contributing to the regeneration of the Toowoomba CBD," he said.

"We recognise the importance of what the Longs Building represents, both to the Long family and to the wider Toowoomba region - the local history, a sense of community and a place to come together.

"We want to incorporate this into the development and will rename the building to something that captures all of this - The Longs Quarter."

The building has been owned by the Long family, now based in New Zealand, since 1916 and is the first time it has been sold in 101 years.

The sale price included a carpark at the rear of the building, giving the Longs site a foothold above other retailers dependant on street parking or foot traffic for business.

The Longs building Ruthven Street has been purchased by a group of investors to be renovated into a series of shops/eateries. June 2017. Picture: Bev Lacey

"Retailers are looking for retail space outside the Grand Central precinct and we're quietly confident the right mix will evolve," Mr Adamson said.

"It feels like there's a very nice vibe coming in down there, and Toowoomba is getting a good feel about it.

"I think there's opportunity there and it just needs people to invest appropriately, rather than just leave the old buildings."

The Longs Building has undergone several transformations in its 101-year history, including rising from the ashes of a fire which tore through it in 1956.

Redevelopment works will start this year, bringing new life to the prominent site, and will eventually link in with the Toowoomba Regional Council's master plan for the CBD.

The plans, while yet to be formally drawn up, are expected to include a laneway opening Margaret St to Annand St and on to the popular Walton Stores.

The two-storey building alongside Tattersall's Hotel on Margaret St was bought by the TRC at auction last year for $990,000 and is expected to be demolished to make way for the thoroughfare.

Planning and development committee spokesman Cr Chris Tate said no formal plans had been designed but confirmed the building was purchased as part of a wider CBD reinvigoration strategy.

"While we haven't progressed further down there (on Margaret St), the opportunity was there to pitch in with our vision," Cr Tate said.

"We identified it even before Walton Stores opened up to reinvigorate the CBD."

Toowoomba Mayor Paul Antonio said the overall vision was geared towards revitalising the once-thriving business, retail and dining precinct in the CBD.

"We have a vision for the CBD to be open, spacious and attract more people in there," he said.

Editor's Note: An earlier version of this article incorrectly stated that the Linen Chest was included in the redevelopment of the Longs Building. 

Originally published as Prime CBD site sold as laneway culture progresses