The historic Bailey’s Building in the direct centre of the Toowoomba CBD at 423 & 425 Ruthven Street, is set to go under the hammer on Thursday 29 July.
The property provides a flexible holding income, leased to haberdashery giant Lincraft for $204,569 per annum.
The original 1900s five-storey building with a mezzanine and basement, and adjoining two-storey heritage retail building provide a total 2,585 sqm of net lettable area.
Ray White Commercial QLD retail specialists Lachlan O’Keeffe and Michael Feltoe are managing the campaign, on behalf of Lincraft.
“We feel privileged to be marketing such an iconic piece of Toowoomba’s history, a building that is synonymous with the city,” Mr O’Keeffe said.
The Baileys corner was the original site for the major Baileys department store in the town in the 1950’s, until they ceased trading thirteen years ago and it was taken over by Lincraft. Prior to this in the 1920’s, it was known as “Coles Corner”.
“Our clients are divesting this asset to capitalise on the recent growth and strong performance of regional centres across the country,” he said.
“Toowoomba is a major regional centre set for tremendous growth over the coming years and boasts one of Australia’s most diverse economies,”
“We have seen massive growth recently in demand for quality regional retail assets, having just sold the IGA centre in Pittsworth after a hugely successful campaign,” he said.
“Since the pandemic, we have had a flock of investors, developers and tenants move further away from the major capitals.”
Mr Feltoe said that a key factor in the campaign’s success will be the versatility of buyer type.
“This building will suit investors chasing a trophy asset for their portfolio, owner occupiers looking for their next flagship store or a developer with a tenant up their sleeve, who will renovate the building to breathe fresh life into it while paying homage to its historic charm,” Mr Feltoe said.
Mr Feltoe expects the auction campaign to be a great success, because of the building’s rich history and prized location.
“There are multiple benefits to acquiring iconic retail assets like these and we expect a great deal of interest from local, interstate and international groups.”
The Baileys Building will be sold at public auction on Thursday 29 July and held on site, expecting to draw quite a crowd.
Link to high-res photos including historic photos
Additional information
Contact details:
Lachlan O’Keeffe
Ray White Commercial Queensland
0413 464 137
lokeeffe@raywhite.com
Michael Feltoe
Ray White Commercial Queensland
0447 714 899
michael.feltoe@raywhite.com
Media contact:
Nina Clarke
Ray White Group Media
0448 841 606
nclarke@raywhite.com
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