Developers ready to snap up prime CBD site
DEVELOPERS have started eyeing off a prime piece of the Toowoomba CBD opposite Queens Park, which hit the market this week.
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DEVELOPERS have started eyeing off a prime piece of the Toowoomba CBD opposite Queens Park, which has hit the market through an expressions of interest campaign.
Colliers International have listed the 2000sq m land on the intersection of Margaret and Hume Sts for sale, with the hope of selling it for redevelopment.
Lead agent Dan Dwan said the site, which featured Colliers as a tenant, was already enjoying serious attention from “multiple parties”.
“We are a tenant here, and I’ve let the other tenant know as well. There’s a level of vacancy at the moment here,” he said.
“The reality is we’ve got alterative plans for where we’ll be as well (once it sells), so we’ve prepared our own situation knowing that this will be more than likely sold for a development site.
“This (interest) has been floating around for a period of time, and there have been serious negotiations on the site from the developer markets.
“Because there are multiple parties that have expressed interest in the location, and because of the development attributes like its location and proximity to Queens Park, we thought should put them in a competitive environment.”
The land is currently owned by Toowoomba investor Duorore Pty Ltd, who bought the property for more than $2 million in 2012.
But Mr Dwan said there was little precedence for a site in this position, adding that Toowoomba’s economic activity had exploded since then.
The Toowoomba Regional Council has also introduced a lucrative incentives scheme to encourage residential development in the CBD, offering waivers on infrastructure charges for complementary applications.
“There are no benchmarks, because there is no market evidence around sites of this calibre,” Mr Dwan said.
“There’s a lack of precedence, and with those economic incentives from the council and the economic outlook that’s happening in Toowoomba, that’s why we think the time is right to take this to market.”
The expressions of interest period ends on November 28 at 4pm.
For more information, call Dan Dwan on 0488 799 229.
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