Toowoomba real estate: LJ Hooker sells nearly vacant commercial block in Rockville to developers for $2.875m

A noted property developer and businessman has bought a large block on a major intersection not far from the new Toowoomba Hospital site.

A collection of commercial parcels on the corner of North and Mort Streets in Rockville has sold to a local developer through LJ Hooker Toowoomba.

A largely-vacant block on a busy Toowoomba intersection looks set for a long-term transformation after it was bought by a local developer.

LJ Hooker has facilitated the sale of the 1.73-hectare parcel, made up of three separate lots, on the corner of Mort and North Streets in Rockville for $2.875m.

A collection of commercial parcels on the corner of North and Mort Streets in Rockville has sold to a local developer through LJ Hooker Toowoomba.

The site, which is just a few hundred metres south of the new Toowoomba Hospital site, is improved by a handful of buildings and was sold as a vacant possession.

Barry O'Sullivan.

According to property records, the parcel was bought by noted developer and managing director of Newlands Group Barry O’Sullivan.

Selling agent Chris Stewart said to his understanding, there were no immediate plans for redevelopment of the site at this point.

“They own other assets in the area and it was a good cornerstone piece to acquire, so it’s a good proposition, with low site coverage,” he said.

“You’re on two busy roads and the new hospital is right up the road.

“They have plans to start the process, but it will be 12 months before we see anything on site I believe.”

Mr Stewart said the site would be suited for large-format retail uses as part of a redevelopment.

The property had been owned by a Dalby investor previously.