Nearly $8m in one day: City industrial properties sell

INDUSTRIAL properties in Toowoomba could be heading for a strong 2019, according to one commercial agent.

The David Evans Group building has sold to a Toowoomba investor for $3.95 million. Picture: LJ Hooker

INDUSTRIAL properties in Toowoomba could be heading for a strong 2019, according to one commercial agent.

It comes after two commercial properties in the city's western suburbs sold for a combined $7.95 million on the same day.

The David Evans Group building on Taylor St in Glenvale, along with the corresponding business, was snapped up by a Toowoomba businessman for $3.85 million.

Meanwhile, the QTEC building at Stephen St in Harristown was bought by a New South Wales investor for a whopping $4.1 million.

Both were settled by LJ Hooker on December 17.

LJ Hooker Commercial's Markus Eames believes it could just be a start of more strong industrial sales, pointing to low interest rates and incoming infrastructure as a motivator for cashed-up investors to choose buying over leasing.

The QTEC building at 179 Stephen St, Harristown has sold for $4.1 million. Picture: LJ Hooker

"Industrial sales and leasing is going to be on the up for 2019," he said.

"When you've got the Toowoomba Second Range Crossing nearing completion and the Inland Rail coming, all those things are contributing to larger companies looking at Toowoomba and thinking of spending money there.

"Leasing has been quite rare, because the interest rates have been so low that people have preferred to buy their properties.

"(But) it's a two-speed market - the banks are very stringent on lending money."

Mr Eames said while quality industrial properties were in short supply right now, that would change in the medium future.

"The supply of quality industrial properties is quite low. Even if there are more prospective purchasers, it comes back to the availability of stock," he said.

"When you've got Witmack Industrial Park, the Wellcamp Airport, building more industrial properties, there will be obviously more supply.

"We've never seen this much industrial land available. Definitely in the next three years, there will be more buildings built."

Originally published as Nearly $8m in one day: City industrial properties sell