'Rare' undeveloped CBD block heads to auction

AN UNDEVELOPED block of land just 100m from Grand Central Shopping Centre will go under the hammer next month

RARE FIND: One of the Toowoomba CBD's last blocks of undeveloped land, at 23 Isabel St, is going to auction on March 27. Picture: Realway Toowoomba

THINK all the land in the Toowoomba CBD has been developed and built on? Think again.

A medium-sized block of land just 100m from Grand Central Shopping Centre will go under the hammer next month, after it was put on the market by Realway Property Partners last week.

Agent Cooper Watson said the 900sq m block at 23 Isabel St was a "rare find" for Toowoomba City, saying similar land sales were uncommon.

"It's just a fact that it's been sitting there for 40 or 50 years and no one has ever developed on it, especially that close to the CBD," he said.

"If you look for undeveloped land in the CBD, there are maybe two pieces listed in a year.

"When you're that close to Grand Central, you're talking about less than five (listings) in a 10-year period."

RARE FIND: One of the Toowoomba CBD's last blocks of undeveloped land, at 23 Isabel St, is going to auction on March 27. Picture: Realway Toowoomba

Mr Watson said he'd already received about half a dozen inquiries, conceding that interest in land sales was difficult to gauge.

"Land is always a funny one because people don't need to call you, (but) we've had six or seven inquiries for more information," he said.

According to RP Data, the land is owned by Jengina Pty Ltd, with no prior sales or land valuations listed.

Mr Watson said the allotment also featured eight car parks, making it ideal for a professional office or workplace.

"For me, if I had a professional office, (the car parks) would help you attract staff," he said.

"The current owners had a plan, which they did some due diligence on, about having underground car parking and a multi-story mixed development but their plans changed."

The auction will take place on-site on Tuesday, March 27 from 5.30pm.

For more information, check out the online listing or call Cooper Watson on 0427 557 654.

NOTE: The online listing contains an incorrect auction date.

Originally published as 'Rare' undeveloped CBD block heads to auction