 Asset Class: | Retail |
 Price: | $ 4250000 |
 Net Yield: | 6.92 % |
Net Yield - including solar strategy: | % |
 Property Market Status: | Off Market |
<p>A prime investment opportunity presents itself with the Withcott Town Centre, a fully-leased retail complex anchored by FoodWorks on a substantial 9,015sqm freehold site. Located just 5km from Toowoomba CBD, this strategic asset features a diverse mix of essential services including medical, dental, and retail tenants.</p><p>The property benefits from a strong lease covenant with FoodWorks secured on a new 10-year term until 2034 with options to 2044. The total net lettable area of 1,297sqm is complemented by 85 on-site car spaces and exceptional exposure to over 25,000 passing vehicles daily.</p><p>With 59% of income underpinned by FoodWorks, medical and dental operators, the asset provides a secure income stream with attractive rental growth provisions, forecasting an 8.1% increase by July 2025. The property's recent capital upgrades and strategic position in Queensland's second-largest inland city make it an compelling investment prospect.</p>
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<p>Located in the thriving Toowoomba Region, <strong>just 125km west of Brisbane</strong>, Withcott is strategically positioned as a key commercial hub. The region is Queensland's sixth-largest by population, generating a <strong>Gross Regional Product of $14.76 billion</strong> with over 93,206 local jobs.</p><p>The area is experiencing substantial growth and development, with major infrastructure projects including the <strong>$1.3 billion Toowoomba Hospital redevelopment</strong> and <strong>$15 billion Inland Rail project</strong>. The region services a retail catchment of 160,000 people and has seen significant population growth, with residential property values increasing by over 36% in the past two years.</p>
Additional Location Information File<p>The property features a strong tenant mix anchored by <strong>FoodWorks on a new 10-year lease to 2034</strong>. As Australia's second-largest independent supermarket chain, FoodWorks provides a solid covenant with $1.35 billion in annual sales.</p><p>Supporting tenants include <strong>Warrego Medical Centre and Withcott Dental</strong>, both established healthcare providers with new 5-year leases until 2029. The medical tenants occupy 19% of the net lettable area, providing essential services to the local community.</p><p>Additional tenants include established local businesses across food & beverage, retail and services sectors, creating a complementary tenancy mix serving daily needs.</p>
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<p>The property delivers exceptional financial performance with:</p><ul><li><strong>Current net income of $294,220 p.a. + GST</strong></li><li><strong>Projected net income of $318,220 p.a. + GST by July 2025</strong></li><li><strong>55% of total outgoings recoverable from tenants</strong></li><li><strong>Structured rental increases providing secure income growth</strong></li><li>Total lettable area of 1,297 sqm strategically divided among 8 established tenants:</li><ul><li>FoodWorks (anchor tenant) - 551 sqm</li><li>Bones & Nicki Tuckerbox - 171 sqm</li><li>Warrego Medical Centre - 148 sqm</li><li>Greedies Pie Shop - 100 sqm</li><li>Withcott Seafood & Pizza - 99 sqm</li><li>Town & Country Dental - 99 sqm</li><li>Premium Select Butchers - 86 sqm</li><li>Withcott Hairdressing - 43 sqm</li></ul></ul><p><strong>Annual Outgoings FY23-24:</strong></p><ul><li>Total Outgoings: $156,459 ($120.63 per sqm)</li><li>Major outgoings include:</li><ul><li>Sewerage Volume: $51,254 ($39.52 per sqm)</li><li>Insurance: $20,579 ($15.87 per sqm)</li><li>Council Rates: $18,645 ($14.38 per sqm)</li><li>Cleaning - General: $14,280 ($11.01 per sqm)</li><li>R&M: $14,039 ($10.82 per sqm)</li><li>Land Tax: $8,512 ($6.56 per sqm)</li><li>Management Fee: $7,555 ($5.83 per sqm)</li><li>Gardening - General: $7,920 ($6.11 per sqm)</li><li>Water Rates: $5,499 ($4.24 per sqm)</li><li>Electricity - Common Area: $4,772 ($3.68 per sqm)</li></ul></ul>
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<p><strong>656 Toowoomba Connection Road, Withcott – 1,297m2 - $226/m2</strong></p>
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<p>Fully tenanted retail centre anchored by Foodworks, medical centre and dentist </p><p>•FoodWorks, Australia's second-largest independent chain, $1.35 billion in annual sales </p><p>•Fully tenanted retail centre with triple street frontage </p><p>•Secure income stream with diverse tenant profile </p><p>•Zone: Local Centre Zone </p><p>•Land: 9,015m2* </p><p>•NLA: 1,297m2* </p><p>•WALE: 5.2 years </p><p>•Parking: 85 on-site bays </p><p>•Net Income: $294,220 pa*+ GST </p><p>•Uplift: 8.1% increase in rents, 6 months post settlement (July 2025) boosting yield to 7.4% </p><p>•59% of income underpinned by long-standing majors - FoodWorks and 2 medical tenants </p><p>•3 major tenants have been here for years and just recently renewed their leases </p><p>•FoodWorks: new 10-year lease until 2034, with options to 2044 </p><p>•Medical centre & Dentist: New 5-year leases to 2029 with options to 2034 </p><p>•Highway site connecting directly to Toowoomba CBD – 25,000 vehicles passing daily </p><p>•Anchored by Food Works with 10-year lease and options to 2044 </p><p>•Toowoomba population growth: Set to grow to over 211,400 residents by 2043 </p>
