Plan for eight-storey apartment falls over: Land on market

PLANS for an eight-storey apartment building that was set to bring "a new level of luxury to Toowoomba" have been abandoned as the land hits the market.

An artist's impression of the proposed Verona Apartments. Picture: Contributed

LAND on which the eight-storey Verona Apartments was proposed in East Toowoomba has hit the market.

Marketing material for Verona Apartments promised to bring "a new level of luxury to Toowoomba living" to a corner block bordered by James and Burke Sts, fronting Tourist Rd.

The land is made up of three separate titles and the owners have agreed to sell it as a parcel, putting it on the market this month for between $2.85 and $3.15 million. 

Toowoomba City Realty's Al Houston, also an owner of one of the lots, said it was a unique opportunity to purchase a "whole city block in one hit". 

Mr Houston confirmed a contract with a private investor to build Verona Apartments did not proceed. 

Site plan of the three lots. Verona Apartments. Picture: Contributed

However, while the project never eventuated, Mr Houston said "years" of the work had been put into apartments' development application and it was 95% complete. 

That meant another developer could pick up the land and the project and have it ready to go to the council in two-three weeks, he said. 

The sale includes three separate titles totalling 2560 sq m "on the very eastern pinnacle of the Great Dividing Range".

A real estate listing for the property said: "This site lends itself to multiple uses beyond low to medium rise. Its strategic position beside the Range Shopping Centre offers advantages for varied residential options."

The three properties offer approximately $50,000 per year holding income. 

For more information contact Al Houston on 0407 396 700 or Michael Teahan on 0418 717 887.

Originally published as Plan for eight-storey apartment falls over: Land on market