Savills News

Local Toowoomba icon changes hands

A well-known Toowoomba restaurant, occupied by the same brand since 1993, has sold for $1,636,000 to a private NSW based investor. 

Hogs Steakhouse Australia (formerly known as Hogs Breath Café) located at 36 Neil Street was marketed exclusively for sale by Jason O’Meara, achieving a yield on passing income of approximately 7.5%.

Director of Savills Sunshine Coast, Jason O’Meara, said Hogs Toowoomba is one of the better performing franchise stores in Australia, as it is well managed and marketed locally, and is consistently well patronised.

“Hogs Australia Steakhouse is a popular go-to beef house for people in Toowoomba and surrounding districts, and it has been serving customers in this location for nearly three decades,

“The current franchisee partner Scott Easterman, has extensive experience running Hogs restaurants which was appealing to the buyer,” Mr O’Meara said.

Hogs on the Range are currently signed to a 10 year lease which expires in 2025, with the property undergoing a $400,000+ refurbishment in 2015.

The 427sq m tenancy is situated on a total 1,120sq m site, with 19 car parks located on site, which is said to have been a major drawcard for potential buyers.

Mr O’Meara said there was strong interest in the property right up until the close of offers, and the eventual sale to private investors from Sydney, who are familiar with the commercial market in Toowoomba.

“The campaign generated 57 direct enquiries from investors from across the Darling and Southern Downs district, Brisbane, the greater SEQ region, plus NSW and Victoria,” Mr O’Meara said.

The property has future development potential subject to Council Approval, with a building height of up to eight storeys.

“Mid to longer term, the property presents a development play being four individual amalgamated lots with three street exposure in the middle of town, and close to the Railway Parkland re-development precinct,” Mr O’Meara said.

Learn more about Savills Metropolitan & Regional Sales.

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