Former Mauri Yeast Australia plant in Toowoomba City put on market by George Weston Foods through LJ Hooker campaign

A 70-year-old factory on the edge of the Toowoomba CBD has hit the market after it was shut down by its parent company, in a redevelopment opportunity agents say is “hard to find”.

The former Mauri Yeast Australia plant, owned by George Weston Foods, on Stephen Street in South Toowoomba has hit the market through LJ Hooker.

The site of a 70-year-old yeast factory that recently closed near the Toowoomba CBD has hit the market, with the view of it being redeveloped in the future.

The old Mauri Yeast Australia plant off Stephen Street in Toowoomba City, which had been operating since 1953, was shut down by parent company George Weston Foods.

Manufacturing has now been moved to Sydney and overseas of the company’s yeast, which had been used in baking and the production of alcohol.

The former Mauri Yeast Australia plant, owned by George Weston Foods, on Stephen Street in South Toowoomba has hit the market through LJ Hooker.

The 1.3-hectare low-impact industrial site has now been listed for sale through LJ Hooker for an expressions of interest campaign.

LJ Hooker principal Mike Stewart said the large parcel’s proximity to the CBD and the current Toowoomba Hospital, which will still remain a health precinct, made it attractive for redevelopment.

“Currently it’s zoned as low-impact and we see that area as transitional,” he said.

“While the heavy duty health services will move to the new Toowoomba Hospital site, that (Pechey Street) site will continue as a second campus and we see a lot of the industrial uses in that area are transitioning away from that and into mixed commercial and residential.

“There could be some warehousing and bulky-goods retail in that area.”

The former Mauri Yeast Australia plant, owned by George Weston Foods, on Stephen Street in South Toowoomba has hit the market through LJ Hooker.

Mr Stewart said he’d received multiple inquiries from both Toowoomba and interstate buyers.

“It’s a very large parcel of land close to the CBD, so it’s hard to find that size so close to town,” he said.

“The buildings are at the end of life, so it would seem initially you could hold it for some revenue (and) in the medium term you would knock it down.”