122 Margaret Street Redevelopment

Location: Margaret Street, Toowoomba, Queensland
Client: Department of Transport and Main Roads
Status: Completed June, 2023
Value: $15 Million
Capability: Developments
Sector: Commercial
Service: Development Services

After identifying an increased need for commercial office space in the Toowoomba CBD, the FKG Group Developments team began the acquisition of 122 Margaret Street, a vacant commercial building with a large floor area and secured parking at the Eastern entry of the CBD, which had previously been utilised as call centre for Suncorp.

While completing due diligence for the purchase, the Developments team were made aware that the Department of Transport and Main Roads was seeking a new office space, and a conversation was started – proposing the property as a potential solution with a significant refurbishment.

With the 3,000sqm footprint of the building and central location meeting the clients requirements, the team continued their purchase plans, adding the building to the FKG Group’s diverse property portfolio.

As part of the plans to breathe new life into the 20-year-old property, the Developments team liaised with regulatory bodies; obtained statutory approvals; worked closely with the client to complete the detailed design, ensuring all requirements were met; and oversaw the $5 million refurbishment which GFG Projects and NRG Services were engaged to complete.

The updated space now features an all-new, state-of-the-art fit-out, updated façade, and a new undercover structure with charging stations to accommodate the client’s ever-growing electric fleet, in line with the Queensland Governments Zero Emission Vehicle Strategy.

During the refurbishment works, the air conditioning and chiller units were also replaced; and energy efficient lighting was installed to improve sustainability.

Securing a long-term lease with the client, the FKG Group Developments team is proud of the finished facility which has breathed new life into the streetscape and returned the building to the current day as a modern commercial office space.

Development Value: $15,000,000 (Purchase + Refurbishment Value)