 Asset Class: | Retail |
 Price: | $ 10500000 |
 Net Yield: | 6.50 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Off Market |
<span style="color:rgb(0, 0, 0);">Presenting a rare opportunity to purchase a Large Format Retail or Multi Tennted Medical Centre property on a large land parcel, located in the CBD of the booming regional gateway city of Toowoomba QLD (125km west of Brisbane).</span><br><br><span style="color:rgb(0, 0, 0);">The property is currently occupied by ASX listed tenant, Officeworks, who have a lease expiring in May 2025. We are advised the tenant will be vacating to another newly developed centre down the road and therefore, the property will be vacant following this time. Please note the vendor is actively marketing the property "For Lease" however, has advised he would consider selling the property at the $10.5m price. Rethink have submitted initial offers at $8.5m, and $10m, both of which have been countered at $10.5m.</span><br><br><span style="color:rgb(0, 0, 0);">The property would be perfect for a medical centre (including GP's, Pathologists, Chemist, Radiology/Imageing), SuperCheap Auto or some other large format retail tenant or even a government office user for example, given it's building size (approx. 1,800sqm), ample at grade car parking (45 spaces), large land parcel (approx. 4,000sqm), exposure to passing traffic, three street frontage and zoning (Principle Centre allowing for 12 storey development potential STCA).</span><br><br><span style="color:rgb(0, 0, 0);">This opportunity is perfect for the discerning investor who has a connection with an incoming tenant.</span><br><br><span style="color:rgb(51, 51, 51);">T</span><span style="color:rgb(0, 0, 0);">he property is currently leased to Officeworks for $675,000 per annum + GST + outgoings ($380/sqm net) with a lease expiry in May 2025.</span><br><br><span style="color:rgb(0, 0, 0);">There is rent evidence to suggest rents from $550/sqm net p.a. + GST could be achieved, if medical related tenants are targeted.</span><br><br><span style="color:rgb(0, 0, 0);"><b><u>Estimated Appraisal based on Potential Medical Rents:</u></b></span><br><br><span style="color:rgb(0, 0, 0);font-weight:normal;">$550/sqm net rent * 1,781sqm building area @ 6.25% cap rate = $15,672,800</span><br><br><span style="color:rgb(0, 0, 0);"><b>Therefore, the opportunity exists to purchase this property at $10.5m, then lease the property to medical tenants at $550/sqm+ net rents, and have the property worth $15.7m+ once fully leased.</b></span><br><br><span style="color:rgb(0, 0, 0);">Subject to valuation and rents achieved.</span><br><br><span style="color:rgb(0, 0, 0);">We look forward to discussing this opportunity with you further.</span>
How old is the asset?
Vendor's reason for selling?
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Is this property strata titled?
Are the seller and tenant related parties?
How long has the current tenant been on site?
How long has the tenant been in business?
Is this property in a flood zone?
Is this lease a leaseback arrangement?
<p style="margin-inline-start:0px;"><span style="color:rgb(0, 0, 0);">Toowoomba is Australia’s second-largest inland city after Canberra, with an estimated population of 181,821*.</span></p><br><span style="color:rgba(0, 0, 0, 1);">Toowoomba is located approximately 125km west of Brisbane's CBD, with its own local government, the Toowoomba Regional Council.</span><br><br><span style="color:rgba(0, 0, 0, 1);">The Toowoomba region is quickly becoming a hub for economic and population growth as well as the creation of jobs through various development projects on the horizon in the region. Toowoomba is well connected through a network of major arterial roads and public transport options such as regular bus services, making it easily accessible to Brisbane and surrounding areas.</span><br><br><span style="color:rgba(0, 0, 0, 1);">+ The Toowoomba Regional Council boasts a thriving population of 181,821, which is forecast to grow by 29.2%* to 235,000 by 2050.</span><br><br><span style="color:rgba(0, 0, 0, 1);">+ Within the Toowoomba region, there are 93,934 local jobs in the workforce, spearheaded by leading industries Healthcare and Social Assistance, Education and Training, and Construction. This is an illustration</span><br><span style="color:rgba(0, 0, 0, 1);">of a hardworking community, who were able to generate a Gross Regional Product of $14.76 billion in 2023.</span><br><br><span style="color:rgba(0, 0, 0, 1);">+ The growth of the Towoomba region and in particular Toowoomba itself is illustrated through their active involvement in various infrastructure and urban development projects aimed at enhancing the</span><br><span style="color:rgba(0, 0, 0, 1);">areas appeal and functionality. Some of these projects include the Toowoomba Hospital Redevelopment ($1.3 billion) and the Wellcamp Business Park and Airport ($1 billion).</span><br><br><p style="margin-inline-start:0px;"><span style="color:rgb(0, 0, 0);">Toowoomba is nestled within the scenic Southern Queensland Country, a tourism hotspot that welcomed over 1.9 million visitors in 2023, generating $978.8* million in expenditures. The city also benefits from extensive infrastructure investments, with projects valued at $20.7* billion, positioning Toowoomba for sustained economic growth and making it a strategic gateway to the $237* billion South-East QLD economy.</span></p>
Additional Location Information FileInitial Term:
Security:
Security Info:
The property is currently leased to Officeworks for $675,000 per annum + GST + outgoings ($380/sqm net) with a lease expiry in May 2025.<br><br>There is rent evidence to suggest rents from $550/sqm net p.a. + GST could be achieved, if medical related tenants are targeted.<br><br>Estimated Appraisal based on Potential Medical Rents:<br><br><b>$550/sqm net rent * 1,781sqm building area @ 6.25% = $15,672,800</b><br><br><b>Therefore, the opportunity exists to purchase this property at $10.5m, lease the property to medical tenants at $550/sqm+ rents, and have the property worth $15.7m+ once fully leased.</b><br><br>Subject to valuation and rents achieved.
Additional Financial Information FileInitial Term:
Security:
Security Info:
SUBJECT PROPERTY - $380/sqm net p.a. 177-179 Hume Street, Toowoomba QLD (Officeworks) - 1,781 sqm - $380/sqm net pa. + GST, or an estimated $450/sqm gross p.a. + GST. MEDICAL - $550/sqm to $850/sqm net + GST 332-342 Old Cleveland Road, Cooparoo (Brisbane) QLD (Chemist, GP, Radiology, etc) - 1,608sqm - $850/sqm net + GST on average 87 Osborne Road, Mitchelton (Brisbane) QLD (Evercare GP) - 717 sqm - $626/sqm net p.a. + GST - under contract 8-12 Turner Street, Beerwah (Sunshine Coast) QLD (GP, Allied Health, Gym, Cafe) - 1,402 sqm - $553/sqm net + GST on average LARGE FORMAT RETAIL RENTS - $300/sqm to $344/sqm gross p.a. + GST 61 Kingston Rd, Woodridge (Total Tools) - 1,880 sqm - $344/sqm gross p.a. + GST 757 Deception Bay Rd, Rothwell (BCF) - 1,152 sqm - $332/sqm gross p.a. + GST 757 Deception Bay Rd, Rothwell (Super Cheap Auto) - 839 sqm - $332/sqm gross p.a. + GST 265 Morayfield Road, Morayfield (Total Tools) - 1,500 sqm - $316/sqm gross p.a. + GST 265 Morayfield Road, Morayfield (RSEA) - 1,000 sqm - $300/sqm gross p.a. + GST Subject to valuation and further due diligence.
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<ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Property</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">: Former Officeworks - Large Format Retail or Multi Tenant Medical Centre Opportunity</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Address</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">: 177-179 Hume Street, Toowoomba QLD</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Description</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">:</span></p></li></ul><ul style='list-style-type:ulRightPointer;list-style-image:url("data:image/svg+xml,%3Csvg xmlns=%22http://www.w3.org/2000/svg%22 width = %229px%22 height = %229px%22%3E%3Cpath d = %22M14.6,95c0,0.1,0,0.1-0.1,0.2c0,0.1-0.1,0.1-0.2,0.1l-7,3.2c-0.1,0-0.1,0-0.2,0S7,98.4,6.9,98.4 c0,0-0.1-0.1-0.1-0.2s0-0.1,0-0.2l1.4-3.3l-1.3-3.4c0-0.1,0-0.1,0-0.2s0-0.1,0.1-0.2c0,0,0.1-0.1,0.2-0.1s0.1,0,0.2,0l6.9,3.7 c0.1,0,0.1,0.1,0.2,0.1S14.6,94.9,14.6,95z%22 style=%22fill:rgb(0%2C%200%2C%200)%3Btransform:translate(-6px,-90px)%3B%22/%3E%3C/svg%3E");list-style-position:inside;padding-inline-start:20px;'><li style="color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">The property comprises a purpose-built freestanding Officeworks building featuring 1,781sqm of GFA and onsite parking for 45 cars, including 6 staff car parks to the rear.</span></p></li><li style="color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">Officeworks lease expires in May 2025 and they will be relocating and vacating this site, providing opportunity for a buyer to potential re-purpose the building or redevelop the site.</span></p></li><li style="color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">The 3,933sqm site is zoned Principal Centre with flexible mixed use development potential up to 12 stories in height.</span></p></li><li style="color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">The site features 3 street frontage, including Hume Street, Thorn Street and Douglas Street.</span></p></li><li style="color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">Suitable to split the tenancy for 2 or more tenants^</span></p></li></ul><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Building Area</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">: 1,781 sqm*</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Site Area</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">: 3,933 sqm*</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Zone</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">: Principle Centre</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;"><b>Location</b></span><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">:</span></p></li></ul><ul style='list-style-type:ulRightPointer;list-style-image:url("data:image/svg+xml,%3Csvg xmlns=%22http://www.w3.org/2000/svg%22 width = %229px%22 height = %229px%22%3E%3Cpath d = %22M14.6,95c0,0.1,0,0.1-0.1,0.2c0,0.1-0.1,0.1-0.2,0.1l-7,3.2c-0.1,0-0.1,0-0.2,0S7,98.4,6.9,98.4 c0,0-0.1-0.1-0.1-0.2s0-0.1,0-0.2l1.4-3.3l-1.3-3.4c0-0.1,0-0.1,0-0.2s0-0.1,0.1-0.2c0,0,0.1-0.1,0.2-0.1s0.1,0,0.2,0l6.9,3.7 c0.1,0,0.1,0.1,0.2,0.1S14.6,94.9,14.6,95z%22 style=%22fill:rgb(0%2C%200%2C%200)%3Btransform:translate(-6px,-90px)%3B%22/%3E%3C/svg%3E");list-style-position:inside;padding-inline-start:20px;'><li style="margin-inline-start:0px;color:rgb(0, 0, 0);font-style:inherit;"><p style="padding-left:0px;display:inline;"><span style="color:rgb(0, 0, 0);font-style:inherit;font-weight:normal;">The property is strategically located in the Toowoomba CBD.</span></p></li><li style="margin-inline-start:0px;color:rgb(0, 0, 0);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">The property is situated in a high-traffic precinct, ensuring maximum visibility and accessibility for customers.</span></p></li><li style="margin-inline-start:0px;color:rgb(0, 0, 0);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">The location benefits from a high level of consumer activity, driven by a growing population and increasing retail engagement.</span></p></li></ul><ul style='list-style-type:ulRightPointer;list-style-image:url("data:image/svg+xml,%3Csvg xmlns=%22http://www.w3.org/2000/svg%22 width = %229px%22 height = %229px%22%3E%3Cpath d = %22M14.6,95c0,0.1,0,0.1-0.1,0.2c0,0.1-0.1,0.1-0.2,0.1l-7,3.2c-0.1,0-0.1,0-0.2,0S7,98.4,6.9,98.4 c0,0-0.1-0.1-0.1-0.2s0-0.1,0-0.2l1.4-3.3l-1.3-3.4c0-0.1,0-0.1,0-0.2s0-0.1,0.1-0.2c0,0,0.1-0.1,0.2-0.1s0.1,0,0.2,0l6.9,3.7 c0.1,0,0.1,0.1,0.2,0.1S14.6,94.9,14.6,95z%22 style=%22fill:rgb(51%2C%2051%2C%2051)%3Btransform:translate(-6px,-90px)%3B%22/%3E%3C/svg%3E");list-style-position:inside;padding-inline-start:20px;'><li style="margin-inline-start:0px;color:rgb(51, 51, 51);"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">Strategically located in a high-traffic area with strong visibility and accessibility, this asset offers prominent signage opportunities to foot and vehicular traffic.</span></p></li></ul><ul style="list-style-type:disc;list-style-position:inside;padding-inline-start:20px;"><li style="list-style-image:none;color:rgb(0, 0, 0);font-weight:bold;"><p style="display:inline;"><span style="color:rgb(51, 51, 51);font-style:normal;"><b>Market:</b></span><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;"> The large-format retail sector remains robust in Toowoomba, with high demand for spacious and well-located properties. With minimal available large-format retail properties, the property’s combination of a generous net lettable area, modern facility, and prime location offers an outstanding opportunity.</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:normal;"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-style:normal;"><b>Estimated Net Income</b></span><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">: $675,000 net p.a. (current Officeworks rent @ $380/sqm) to $980,000 net p.a. ($550/sqm)^</span></p></li><li style="list-style-image:none;color:rgb(0, 0, 0);font-style:normal;"><p style="display:inline;"><span style="color:rgb(0, 0, 0);font-style:normal;"><b>Estimated Net Market Yield on Purchase Price</b></span><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">: 6.5% to 9.3%*^</span></p></li></ul><br><span style="color:rgb(0, 0, 0);font-weight:normal;font-style:normal;">*Approx.</span><br><span style="color:rgb(0, 0, 0);">^ Subject to tenant demand, Council approvals, works required, valuation and further due diligence.</span><br><span style="color:rgb(0, 0, 0);">STCA Subject to Council Approvals.</span>
