Why Toowoomba developer invested $10.5m in CBD

THE new owner of one of Toowoomba’s tallest buildings has revealed why he bought the $10.5 million property.

THE new owner of one of Toowoomba's tallest buildings said he bought the $10.5 million property to invest in the CBD.

Toowoomba developer Barry Bernoth was revealed last week as the purchaser of the Easternwell building on Russell St, after it sat on the open market for more than 18 months.

Mr Bernoth owns the Gabbinbar Homestead and is currently developing the Inspire South Central residential tower in South Toowoomba.

He said the investment would help encourage businesses to move into the CBD.

"We still really believe in the CBD," he said.

"There's a bit of work to do to rejuvenate the CBD and I think the council are aware of the things that need to be done.

"Our CBD can be something that offers specialised-type stores, with products and eateries that are exclusive.

"The Easternwell building is very much centred within the CBD and we see better things can happen in the Bell St Mall."

Barry Bernoth speaks to The Chronicle ahead of his latest development - a law firm office in Margaret St. . Picture: Bev Lacey

Mr Bernoth said several tenancies in the building needed to be filled.

"We've got some work to do with that building," he said.

"There are some vacancies we're trying to fill with tenants, but that means more people walking around the city if we can.

"The tenancies are quite attractive, so it's a matter of us communicating the opportunities there."

For more information about vacancies, call Barry Bernoth on 0417 624 428.

Originally published as Why Toowoomba developer invested $10.5m in CBD