Sydney businessman buys Toowoomba Gasworks site on Neil Street through Colliers International for nearly $4m

It’s been one of Toowoomba’s most notorious eyesores for decades and a perennial fixture on the real estate market. Now a Sydney businessman has snapped up this CBD parcel for millions.

The old gasworks site on Neil St in Toowoomba City is sold through Colliers International.

A Sydney businessman has snapped up one of the last remaining large vacant lots in the Toowoomba CBD for nearly $4m.

The old Toowoomba Gasworks site on Neil Street was bought by Gerard Hanna late last year for $3.96m, the first time it has changed hands since 2003.

Mr Hanna, who is not a direct relative to the Hanna family in Toowoomba, declined to comment.

The one-hectare parcel originally housed the gasworks facility before it was demolished 10 years ago.

It had been for sale over several years until Colliers International sealed the deal, with negotiations held with the Toowoomba Regional Council over what could be a desirable development at the site.

Colliers managing director Dan Dwan said he was confident a proposal would make its way to the council in due course.

“It’s a unique asset in that it’s got such a large holding — the challenges around that were the planning requirements with council,” he said.

“It’s been through a number of contracts around intended use and desired outcomes.

“There are some conceptual plans that are really ticking those boxes, so the outcomes sought by council, the buyer is working towards that.”