FOR SALE 91 Mort Street, Toowoomba City SALE: $2,100,000 LEASE: $8,000 PER MONTH INFORMATION MEMORANDUM Colliers International Toowoomba Prepared by: Drew Camm
EXECUTIVE SUMMARY ADDRESS: REAL PROPERTY DESCRIPTION: PARISH: COUNTY: 91 Mort Street, Toowoomba 168 Bridge Street, Toowoomba Lot 1 on RP 216323 Lot 2 on RP 67974 Drayton Aubigny LAND AREA: 2,283m2 BUILDING AREA: CAR PARKING: NET LETTABLE AREA 829m2 (approx.) 22 car parks (approx..) USE: Hotel Tavern ZONING: RATES: Mixed Use - Railyards Precinct $4055.07 Net per half year TITLE REFERENCE 16418078 DETAILS OF SALE: DETAILS OF LEASE: $2,100,000 + GST $8,000 per month Net + GST + Outgoings 2 91 Mort Street, Toowoomba City
INTRODUCTION On behalf of the Vendors, Colliers International Toowoomba is extremely pleased to offer for your consideration this outstanding investment opportunity located at 91 Mort Street, Toowoomba City. The property is being offered For Sale via Private Treaty for $2,100,000.00 and For Lease at $8,000 per month net plus GST and outgoings. For further information or to arrange an inspection, please contact the exclusive marketing agents: Drew Camm Commercial Sales & Leasing Colliers International Toowoomba 126 Margaret Street Toowoomba Qld 4350 Phone: +61 7 4659 7875 Fax : +61 7 4659 7871 Mobile: +61 432055250 Email: Drew.Camm@colliers.com i 3 91 Mort Street, Toowoomba City
WHY BUY THE BELLEVUE HOTEL A historic Toowoomba Pub that was built circa 1904 with many of the original floorboards, walls and pressed metal ceilings still existing. Huge potential for expansion into multi units for conversion to a fully serviced motel INCLUSIONS Keno, gaming, liquor and bottle license included! Gaming lounge with 20 Pokies (option to buy without Pokies) Full kitchen facilities and cutlery included! Upstairs living area includes, classic pressed metal ceilings, outdoor area and living facilities, full kitchen and multiple bathrooms, wooden floors Massive upside in the hotel Restaurant seats 105 Includes cold-rooms, multiple big screen TV's, sporting memorabilia, most furniture and associated items POSITION Positioned with excellent exposure to Mort & Bridge Streets The property is prominently located within the Toowoomba Railyards precinct overlay. TIMING Record low interest rates for commercial lending. The Toowoomba market is set for a positive investment upswing with the introduction of direct Qantas flights from Sydney to the Wellcamp Airport which is Jet capable up to 747. The population of Toowoomba is forecasted to increase in the future due to Western Corridor Mining Projects including: Arrow Gas LNG Project $1.5 Billion, Arrow Surat Pipeline $1.5 Billion, Australia Pacific LNG Project $35 Billion, Chinchilla East Coal Project $500 Million, Chinchilla LNG Plant $100 Million, Condamine Power Station, Juandah Project $10 Million, Kumbarilla Park Project $500 Million, New Acland open-cut Coal Mine with expected production of 10 Million Tonnes p.a., Range Project $500 Million, Sustate Project $1.5 Billion, Surat Basin Rail $1.2 Billion. 4 91 Mort Street, Toowoomba City
LOCATION Located within 1km of the Toowoomba CBD and positioned where potential customers may head directly west to the Surat Basin. The iconic hotel is also located within the Toowoomba Regional Council Railyards Precinct overlay. 5 91 Mort Street, Toowoomba City
POSITION RAILYARDS PRECINCT (TOOWOOMBA REGIONAL COUNCIL OVERLAY) (a) The precinct is to develop as an urban village being an integrated and master planned urban environment, incorporating a mix of uses such as: (i) residential uses, including affordable housing and short term accommodation; (ii) (iii) a mixed use convenience center, incorporating a supermarket and supporting shops and commercial uses such as food and drink outlets and offices; and community facilities such as child care centers, medical centers and indoor sport and recreation that are facilitated within the parkland area. (b) Development includes a range of high quality residential housing types. (c) Uses within the precinct are complementary to the uses in the adjacent principal center zone and do not compete with the primacy of the principal center. (d) Development maximizes access to and integration with the open space area of the precinct. (e) Development is sited to create a number of view corridors or green wedges that extend from the open space to Ruthven Street and Bellevue Street. (f) Development includes active streets and spaces which integrate with the open space areas. (g) Development includes a high quality streetscape and public open space network that comprises continuous/linked public spaces and parks that are designed to be safe, comfortable and well landscaped. (h) Development provides improved pedestrian connections through the precinct. (i) (j) Development includes the adaptive reuse of heritage buildings for community or low level commercial operations. Development on the foundry site provides for a diverse range of housing types integrated with local shops and food and drink outlets. (k) Development on the gasworks site provides for residential development. (l) Development is designed to incorporate contemporary architecture which responds sensitively to nearby heritage values and features. (m) Development provides a grid network of streets. 6 91 Mort Street, Toowoomba City
PROPERTY DETAILS The subject building is positioned on the corner of Mort and Bridge Streets with a total land area of 2,283m2. Erected in the early 1900 s, this prominent 2 story hotel, still has living quarters upstairs, including an outdoor balcony. The building has a net lettable floor area of 829m2 (approx.) which includes 473m2 downstairs and the remainder upstairs in a separate secure premises. The purchase of the property includes Keno, gaming, liquor and bottle licenses (an upgrade will be required due to the license being placed on renovation hold) 20 Pokie machines. All on site cold-rooms Full kitchen facilities and kitchen utensils Multiple big screen T.V. units Most bar stools, furniture and associated items Full security system Sports memorabilia 22 on-site car parks Large tilt slab construction and roofed ex bottle-o drive through area of 870m2 7 91 Mort Street, Toowoomba City
GENERAL CONSTRUCTION BASIC CONSTRUCTION FOUNDATION FLOOR FRAME EXTERNAL WALLS INTERNAL WALLS CEILINGS ROOF FLOOR COVERINGS CONDITION Concrete and brickworks Concrete Brick, steel Brick rendered, steel Plasterboard, rendered bricks, exposed original timber Suspended ceilings, pressed metal ceilings Metal roof decking Carpet, carpet tiles, tiles and wood floorboards Fair Ex roofed bottle-o and cold-room 8 91 Mort Street, Toowoomba City
SITE PARTICULARS This site is divided into two lots, separated by Price Lane.. Real Property Description: Lot 1 on RP 216323: PAR DRAYTON Land Area: 1,716 m2 (approx) DIMENSIONS NORTH BOUNDARY EAST BOUNDARY WEST BOUNDARY SOUTH BOUNDARY TOTAL SITE AREA 50.3 metres 34.1 metres 34.1 metres 50.4 metres 1,716 m2 (approx..) Real Property Description: Lot 2 on RP 67974: PAR DRAYTON Land Area: 567 m2 (approx) DIMENSIONS NORTH BOUNDARY EAST BOUNDARY WEST BOUNDARY SOUTH BOUNDARY TOTAL SITE AREA 9.2 metres with an extra 6.9 metres truncated 37.6 metres 42.5 metres 14.1 metres 567 m2 (approx..) 9 91 Mort Street, Toowoomba City
ECONOMIC BRIEF TOOWOOMBA SHIRE The Toowoomba Regional Council (TRC) area is situated on the Great Dividing Range, strategically located at the junction of the Warrego, New England and Gore Highways. With a diverse economy and in close proximity to Brisbane and the Sunshine and Gold Coasts, it offers the best of both urban and regional environments, enjoying four distinct seasons. The TRC area is part of the South East Queensland region and the productive Darling Downs and is the gateway to the resourcerich Surat Basin Energy Precinct. The TRC area is the ninth largest local government area (LGA) in population (154,931 persons) of the 74 Queensland LGAs, following Brisbane, the Gold Coast, Moreton Bay, the Sunshine Coast, Logan, Townsville, Cairns and Ipswich. The area covered by the TRC is 12,973 sq km. The region s major enterprises include manufacturing, retail, health and community services, retail and agriculture. The region supports the junctions of major highways from Brisbane, Sydney, Melbourne and Darwin, and is just a 90 minute drive from the State s capital, Brisbane. Toowoomba is the economic and commercial hub of the Darling Downs. It services a diversity of primary and secondary industries and plays a significant role in the economic development of a large area of southern and south western Queensland. The estimated resident population in the Toowoomba Regional Council (TRC) area (referred to as the Toowoomba Region) as at June 30, 2011 was 154,931 people. Between 2001 and 2011 the Toowoomba Region population increased by 17,338 people (11.2%), with an average annual population growth of 1.08%. Note: Estimated resident population data is preferred by the Australian Bureau of Statistics as the most accurate measure of population, as opposed to Census figures, which generally undercount the actual number of persons. For full information on Toowoomba s demographics go to www.toowoombarc.qld.gov.au 10 91 Mort Street, Toowoomba City
CONCLUSION 91 Mort Street represents an opportunity to acquire an iconic Toowoomba Landmark Hotel. To discuss this opportunity in more detail, please contact the exclusive agents below: Drew Camm Commercial Sales & Marketing Colliers International Toowoomba 126 Margaret Street Toowoomba Qld 4350 Phone: +61 7 4659 7875 Fax : +61 7 4659 7871 Mobile: +61 432055250 Email: Drew.Camm@colliers.com 11 91 Mort Street, Toowoomba City
DISCLAIMER This report has been prepared by Colliers International Toowoomba, for the information of potential purchasers to assist them in deciding whether they are sufficiently interested in the property offered to proceed with further investigation in relation to the property. The information contained in this report constitutes confidential information. Unauthorized use, copying or distribution of this report (or any part of it) is strictly prohibited. The information contained in this report does not constitute any offer or contract of sale; it is provided as an indicative guide only. The information does not constitute investment, accounting, financial, tax or legal advice, and does not take into account the recipient s financial objectives, situation or needs. All parties interested in acquiring the property must make and rely on their own enquiries as to all matters in connection with the property. This report does not, and does not purport to, contain all information that the recipient may require or consider material in respect of evaluating and reaching any decision in respect of the property. It is of a general nature only and none of the Parties or their respective partners, agents, consultants, advisors, officers or employees are under any obligation to correct, update or revise the information in this report. Potential purchasers must take note that the figures, rents, outgoings, profit projections and other calculations contained in this report have not been verified by any of the Parties in any way. The Parties have no belief one-way or the other in relation to the accuracy or completeness of such information. Any projections contained in this report represent estimates only and may be based on assumptions that may be incomplete, incorrect or erroneous. Potential purchasers must satisfy themselves in relation to all aspects of the report and all matters relevant to the property, including development potential and cost; current, historical and future rents, outgoings and incomes; market take up; and all other matters a prudent purchaser may consider relevant. None of the Parties or their respective partners, agents, consultants, advisors, officers or employees will be liable for any loss or damage resulting from any reliance on any statement, figure, calculation or any other information contained in this report or any other marketing material prepared or provided by any of the Parties in respect of the property. The property will be offered for sale strictly as is and with all faults, without any representation or warranty as to its condition; fitness for any particular purpose; or compliance with any relevant law. The terms of any sale of the property are to be as set out in the contract of sale agreed by the Vendor. This report will not form part of the terms of sale. The Vendor reserves the right, at its sole discretion, to postpone or cancel the proposed sale of the property and to modify or add any terms and conditions to any proposed contract or other material associated with the proposed sale, which may be made available to a potential purchaser. All prospective purchasers are responsible for their own costs and expenses in carrying out investigations in respect of the property. 12 91 Mort Street, Toowoomba City
13 91 Mort Street, Toowoomba City
ANNEXURES ANNEXURE A Previous Lease details ANNEXURE B Site Plans ANNEXURE C Authority Tender Results (Poker Machine Sales) 14 91 Mort Street, Toowoomba City
ANNEXURE A PREVIOUS LEASE DETAILS ADDRESS: LOT AND PLAN DESCRIPTION: 91 Mort Street, Toowoomba City & 168 Bridge Street, Toowoomba City Lot 1 on RP216323 Country: Aubigny Parish: Drayton Lot 2 on RP67974 Country: Aubigny Parish: Drayton LESSEES: AREA: TERM: Liquorland (QLD) Pty Ltd 2283m 2 (approx.) 5 years COMMENCEMENT: 11 th December 2006 EXPIRY: 10 th December 2011 OUTGOINGS: 100% of all outgoings 15 91 Mort Street, Toowoomba City
ANNEXURE B SITE PLANS *Not Including car parking area at 168 Bridge Street 16 91 Mort Street, Toowoomba City
ANNEXURE C AUTHORITY TENDER RESULTS 17 91 Mort Street, Toowoomba City
18 91 Mort Street, Toowoomba City