Site of North QLD foodie mecca to go under the hammer
A Townsville retail and foodie icon has been listed for sale, but don’t worry, its famous bretzels, coffee and locally-sourced produce are staying put.
The complex that houses Otto’s Market and Townsville’s only ice skating rink will go under the hammer on May 19.
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The site of Otto’s Marketplace will go to auction later this month
It is being sold as a fully tenanted investment, with the building spanning 2551sq m and the block set across 1.32 acres.
But it is being sold as a fully tenanted investment, much to the relief of foodies
It includes 103 car spaces, and has an estimated annual income of $615,501, according to the listing by Ray White Commercial.
“The centre is anchored by a single head net lease to Otto’s Market, a thriving retail destination for locals with over 40 years of history at the centre,” the listing says.
The complex is also home to Townsville’s only ice rink – a haven on a hot and humid day
The destination market, which is hugely popular with foodies on weekends, has a diverse mix of 17 specialty stores, all operating under the Otto’s head lease.
This includes a florist, bakery, butcher, fresh produce sourced local farmers, a delicatessen, gourmet grocer, cafes, coffee shops, boutique bar, fish market, ice rink, gift shops and beauty retailers.
Otto’s holds management rights over the centre, and covers all outgoings making it a “truly passive investment”, according to the listing.
From humble beginnings in 1966, when the Warrina Shopping Centre became the first complex of its type to be built outside of southeast Queensland, Otto’s entered the culinary scene in 1994, and was officially branded in 2013.
Since then, the brand has grown, opening its second location at The Precinct in Idalia in 2019, Otto’s Bakehaus at James Cook University and in late last year, Otto’s Harvest at Castletown Shopping Centre.
