The two storey asset located at 118-122 Palmerin Street and 50-56 King Street is being offered exclusively for sale by Jason O’Meara and Will Carman of Savills.
The building is situated across three titles on a total site area of 2,580sq m, and provides a combined NLA of 2,640sq m comprising of eight tenancies.
Director of Savills Sunshine Coast, Jason O’Meara, said the Smith and Miller building holds a lot of history from yesteryear for the township.
“It is an elegant looking building with pressed metal ceilings and an attractive façade. There is certainly opportunity here for value- add,” Mr O’Meara said.
Current tenants of the building include ASX listed Rivers Australia, Lifeline, Voyage Gym, a barber, and is also home to the office of a locally based State Member of Parliament.
The current Gross Passing Rental is approximately $194,071 per annum, and is expected to reach an estimated $264,000 per annum when fully leased.
The tenants within the retail and commercial space are subject to annual rental increases, providing the owner with guaranteed income growth.
The prominent corner site zoned Principle Centre provides ease of access, both to the building and to surrounding transport services.
Executive of Commercial Sales, Will Carman, said that the town of Warwick and the general Southern Downs region is experiencing significant public and private investment at present.
“We are also seeing a number of large infrastructure projects in the form of Inland Rail, Cunningham Highway Solar Farm, Emu Swamp Dam, and the expansion of Rose City Shopping World in the Warwick CBD,” Mr Carman said.
Warwick is located approximately 85 kilometres to Toowoomba Wellcamp Airport and 160 kilometres to Brisbane, and is roughly a 2 hours’ drive to the Port of Brisbane.
Expressions of Interest close at 4pm on Thursday 14 November 2019.
Learn more about Savills Sales & Investment services.