The Suncorp Bank Business Centre in Toowoomba’s CBD could soon have a new owner.
An international expression of interest campaign to find a buyer for the for the 1596sqm Margaret Street building has now closed and agents from Cushman & Wakefield are now reviewing the submissions.
Positioned at 216 Margaret Street, the mixed-use office and retail building adjoins Grand Central Shopping Centre.
Suncorp occupies 57 per cent of the building while the balance is taken up by mix of retail and office tenants.
The site has a Principal Centre zoning, meaning it could potentially be redeveloped for a project up to 10 storeys.
Before the end of the Expression of Interest campaign, Daniel Cullinane of Cushman & Wakefield said they were receiving strong interest in the property.
“We’re seeing strong enquiry from private capital, syndicators and high-net-worth investors targeting regional CBD assets with secure income streams, particularly those anchored by institutional-grade tenants and located within dominant retail and commercial precincts,” he said.
The property’s diversified tenancy profile, combined with its central location, appealed to buyers looking to actively manage income over the medium term.
Ned McConnel of Cushman & Wakefield said the asset’s positioning within Toowoomba’s core activity centre set it apart in the current market.
“Assets of this nature are rarely offered, particularly those that directly adjoin a region’s dominant retail centre and provide immediate exposure to the CBD’s highest foot traffic environment, while also offering flexibility to reposition or intensify over time,” he said.