Upstairs character space in Toowoomba CBD highlights potential

A vast space filled with light and potential in one of Toowoomba’s most historical buildings has captured the imagination of potential buyers.

Ray White Commercial Toowoomba has only just listed the standalone building at 37 Russell Street but already interest has been strong.

For $1,325,000, the new owner of the recently refurbished 900sqm building will have two income-producing tenancies downstairs plus the opportunity to use, lease or develop 420sqm of open space upstairs.

The tenants are hair salon Air Hair Studio, which has leased a 183sqm space until June 2024, and lifestyle boutique The Wild Haven Collective, which has the option in November 2018 to extend the lease on its 74sqm shop by two years.

Agent Daniel McNamara says interest in the space has been varied, with ideas ranging from an events centre to a pilates studio or martial arts training venue.

“It suits a number of different uses and because it’s such a big space, it can be divided in many ways,” Mr McNamara says.

“The chance to have a bit of creativity up the top sets it apart from other similar properties in the Toowoomba CBD. A couple of people have even expressed interest in actually living up the top, which also would be possible.”

The property is within the Toowoomba Railway Parklands Priority Development Area, a strategy developed to rediscover potential and opportunity in the city’s CBD.

Specifically, the area known as The Link encourages residential, business and retail uses to consolidate and refurbish existing and new floor spaces, and complement and reinvigorate
some of Toowoomba’s most iconic commercial heritage buildings.

The area includes clusters of commercial character buildings and small to mid-sized industrial and commercial sites.

The building has a heritage overlay but Mr McNamara says the indications are that as long as the facade is preserved, there is flexibility to make changes to the property.

“It does have undercover car parking underneath, accessed from Scholefield Street at the rear, with four car parks alloted for first floor,” he says.

“The building does have a lift as well, which a lot of first-floor spaces in Toowoomba don’t have so that’s obviously a bonus.”

The upstairs space at 37 Russell Street has exposed brick walls, timber floors and allows in plenty of light through original windows as well as skylights.

The building stands on 506sqm of land, zoned Special Purpose. Recent improvements include new roofing, electrical upgrades and the addition of the lift for accessibility.

Contact

Daniel McNamara
Sales & Leasing Consultant
daniel.mcnamara@raywhite.com
0417 642 965