Toowoomba CBD’s Pigott’s Building buyer in administration after $6.6m purchase in 2021

Less than two years after it sold for a whopping $6.6m, an iconic building in the Toowoomba CBD will head back to the market following the collapse of its buyer’s company.

One of the Toowoomba CBD’s most iconic buildings will go back on the market after the property’s 2021 purchaser fell into administration.

Melbourne-based firm Oxford Capital Pty Ltd paid $6.6m for the heritage-listed Pigott’s building in Ruthven Street through Colliers Toowoomba nearly two years ago.

It was the eighth-largest sale of a property in the Toowoomba CBD over the past decade.

The early 20th century structure, designed by legendary architect James Marks in 1910, had previously belonged to furniture chain Super A-Mart founder and Queensland billionaire John Van Lieshout.

The heritage-listed Pigotts building on Ruthven Street, which used to house Amart furniture store, has hit the market through Colliers International.

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

Oxford Capital and its director Rakesh Palta had reportedly planned to convert the former department store into a luxury hotel in the heart of the CBD.

But those plans have been scrapped after the company was handed to administrators in March.

Insolvency and restructuring specialists Michael McCann and Matt Byrnes of firm GrantThornton have been named as receivers for Oxford Capital.

The Pigotts building

Mr McCann said the Pigott’s building, one of three properties across Queensland and Victoria owned by the company, would be sold off to recover costs to creditors.

“Our brief is to sell and realise the property for the client, the secured creditor, which is owed a significant amount of money,” he said.

“We’ve called for submissions from agents and we envisage we’ll be putting the property on the market soon.

“(Our client is) a small financier which has funded Oxford Capital.”

It is understood Oxford Capital has other secured creditors.

Mr Palta, who bought Bundaberg’s Grand Hotel last year, is believed to be involved with at least 15 other businesses across Australia.