One of Toowoomba’s most historical buildings is for sale in a unique CBD location where old architecture meets new.
Built in 1905 and designed by noted Queensland architect Harry Marks, the Exchange Building is opposite the recently redeveloped Grand Central shopping centre.
Toowoomba-born Marks, who worked in partnership with his father as James Marks and Son, also designed many other significant buildings in the area around the turn of the 20th century.
The fully leased brick-and-timber structure, which was added to the Queensland Heritage Register in 2000, has a combined net lettable building area of 540.8sqm and stands on an 819sqm site.
Agent Daniel McNamara says interest is expected from investors and also from developers, despite the property’s heritage status.
“There is scope to develop the site further, while retaining the facade, although potential buyers would need to discuss the options with the Queensland Heritage Council,” Mr McNamara says.
In addition to its primary access from Margaret Street, there is rear access from Insurance Lane to a parking area for the seven tenancies.
The three ground-floor tenants are Central Newsagency, Hellen Teys Hair Fashions and Mel Martin’s Kitchen Gift Shop.
On the first floor, the tenants are beauty service B’Lush Studios, artist Tarn McLean, chiropractor City Spinal and building designers Eco Blueprints.
The building’s gross rental income is $138,005.87 per annum.
Expressions of interest for 245-253 Margaret Street close at 4pm (Queensland time) on Thursday, December 14, 2017.