Queensland billionaire John Van Lieshout sells Pigott’s Building to Melbourne consortium through Colliers International

One of Toowoomba’s most iconic CBD buildings has changed hands, with a Queensland billionaire selling it for the first time in nearly 30 years.

Super A-Mart furniture chain founder and Queensland's richest man John Van Lieshout has sold the heritage-listed Pigott's building in the Toowoomba CBD to a Melbourne consortium.

One of Australia’s richest men has sold a Toowoomba CBD landmark for $6.6m, with the site likely to be transformed into short-term accommodation.

Furniture chain Super A-Mart founder John Van Lieshout, who is regularly listed as Queensland’s wealthiest man with an estimated net worth of nearly $2.5bn last year, has sold the heritage-listed Pigott’s Building to Melbourne-based consortium Oxford Capital Pty Ltd.

Well-known as a department store after it was built in the early 20th century, the Pigott’s Building was designed by legendary architect James Marks in 1910.

Pigott and Co was the original owner, with the site becoming Toowoomba’s largest retail store by the 1950s.

It housed Mr Van Lieshout’s Super-Amart Toowoomba franchise for many years before the store was relocated to Kearneys Spring.

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.

Mr Van Lieshout had owned the site for nearly three decades, after purchasing it for $2.6m back in 1992 as part of a multi-sale.

The new price makes it the second-biggest sale in the Toowoomba CBD in the past two years.

The sale had been announced late last year, with Colliers International managing director Dan Dwan saying it would likely be turned partially into a hotel to boost the CBD’s short-term accommodation stocks.

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

“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.

“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.

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

A man named Rakesh Palta is the director of Oxford Capital, which is headquartered in the northeast Melbourne suburb of Doncaster, a company search on the Australian Securities and Investments Commission revealed.