Savills News

Toowoomba landmark served to market

A standalone Toowoomba restaurant, occupied by a well-known longstanding tenant, has been served to market. 

A standalone Toowoomba restaurant, occupied by a well-known longstanding tenant, has been served to market.

Currently occupied by Hogs Breath Café, the property located at 36 Neil Street is being marketed for sale by Jason O’Meara of Savills.

With a three street frontage, Hogs Breath have occupied the premises since 1993, and are currently four years into their renewed 10 year lease to 2025.

Director of Savills, Jason O’Meara, said the opportunity would suit a local investor or passive buyer with intent for future development of the property down the track, as the site is over four separate lots offers providing flexibility in the mid to longer term.

“Toowoomba and the general Darling Downs region is presently upbeat with a number of major infrastructure builds on the go.

“With the Coalition’s win at the recent federal election in May, together with a mooted cut of a possible 25 basis points to interest rates by the RBA, now presents an excellent time to invest in commercial real estate, particularly CBD assets with upside for rental growth and long term tenants in place,” Mr O’Meara said.

The building provides high exposure at a key corner position spans across 427sq m on a total 1,120sq m site, located in a prime inner-city position on the corner of Neil, Bell and Church Streets.

Aside from passive income, the opportunity comes with future development potential, with the possibility to build to eight storeys, subject to Council Approval.

Mr O’Meara said the property provides an incoming buyer with approximately $123,737 net income per annum.

“The Hogs Breath franchise has been in this location for 25 plus years and offers excellent car parking with some 19 car bays,

“There is also scope for a potential lift in rental at a market review in 2021,” Mr O’Meara said.

The property was fully refurbished in 2015 with circa $400,000 spent on the property at that time and is meticulously presented.

Expressions of Interest close at 4pm on Thursday 20 June 2019.

Learn more about Savills Retail Investments.

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