This article is from the Australian Property Journal archive
THE sale of three major commercial properties in Toowoomba’s CBD have continued the generational shift of ownership in the regional centre, and is expected to provide boost to the local economy.
Combined, the sites cover an area of 3,900 sqm with zoning for retail and commercial use, and sold for a total of $6 million.
They include the 183-187 Margaret Street and 103-107 Russell Street properties sold by Colliers International. Colliers agent Justin Eastwell said the sales are evidence that Queensland Investment Corporation’s $500 million expansion of Grand Central shopping centre “need not be a worry for the bottom line of a local business”.
Eastwell said the redevelopment of these properties over the next couple of years was set to project millions of dollars into the local economy from the initial construction stages through to launch and ongoing long-term successes.
“Further to that we have seen the Gasworks site placed under contract with a developer looking to capitalise on the high exposure and its location within the Priority Development Area to further enhance this northern sector of the CBD.”
He said the region is experiencing an unprecedented level of investment across a number of key sectors resulting in over $13 billion set to be injected into our local economy.
“In what has normally been a tightly held market, there has been a record number of sales within the CBD over the past 2-3 years due to a generational shift in ownership. Whilst there are still a number of on-market and off-market opportunities available for the developer or investor, its unlikely we will see this amplitude of transactions and opportunities occurring again for at least another decade.”
The vacant Margaret Street site covers 341 sqm and has two buildings divided into three tenancies offering 320 sqm, and sold with no heritage restrictions. The 1,411 sqm Russell site has an 800 sqm showroom and office building.
Australian Property Journal
