Toowoomba developers Barry, Mitchell Bernoth snap up old McCafferty’s bus terminal for $2.8m

It’s stood idle for more than seven years and several campaigns. But a major Toowoomba developer has snapped up the old McCafferty’s bus terminal.

The McCafferty's coach terminal in the Toowoomba CBD has sold to the Bernoths.

One of the Toowoomba CBD’s most notable vacant properties could have new life breathed into it after it was snapped up by a pair of top city developers.

The old McCafferty’s bus terminal on Neil Street, once the focal point of a massive transport business stretching across the state, has been on and off the property market for seven years via several different agencies.

Now the 2000 sqm site has been bought by major developers Barry and Mitchell Bernoth through Colliers International, in a deal reportedly worth $2.8m.

The property sits directly opposite where the Bernoths plan to build an 11-storey parking and residential tower on the corner of Bell and Neil Streets.

Barry Bernoth said the pair had no immediate plans for the site.

“There’s not much to say at this stage, we’ve had decontamination done on site,” he said.

“We see it as a well-positioned and good site close to town.

“One of the reasons we thought it’s a good acquisition is that it’s opposite (the planned parking tower).”

Mr Bernoth, who developed the South Central apartment block on Ruthven Street and has been approved for a set of units, said the bus terminal would remain in place for the moment.

“We’ll wait and see, it’s a car park at the moment so that will remain the use, (and we’ll see) if and when something else turns up,” he said.

Developers Barry and Mitchell Bernoth have bought McCafferty’s on Neil Street.

Colliers International managing director Dan Dwan said he was happy to see the asset shifted after it had spent many years on the market.

“It’s been under contract several times, but that was first listed back in 2014,” he said.

“It was an EOI campaign, there had been a price adjustment due to challenges of the site (but) the purchasers are satisfied with what they can do with it.”

“The highest and best use would be a mixed-use development — I think there’s a long-term play there.”

The site is one of the last remnants of the massive McCafferty’s empire, which moved 2.5m people per year during the 1990s and enjoyed a market share of more than 50 per cent at the peak of its powers.

The company was also known for its Stretchliner buses, which seated more than 50 passengers with increased comfort.