Toowoomba CBD former Australian Stockman’s Saddlery site sold to interstate investor for $1.135m through Hot Property

A former saddlery site in the centre of the Toowoomba CBD has been bought by an interstate investor for well over $1.1m, and it points to a strong market according to one agent.

An interstate investor has snapped up the site of a former saddlery for more than $1.1m, in a move that one agent says underlined the strength of Toowoomba’s commercial market.

The single-storey modern commercial property on Russell St in Toowoomba City, not far from the intersection with Mort St, sold through a Hot Property campaign for $1.35m, producing a yield of 9 per cent.

The building, which is fully tenanted including the seller CBSQ as main tenant, was once the home of the old Australian Stockman’s Saddlery before it was transformed.

The former site of the old Australian Stockman’s Saddlery on Russell Street in the Toowoomba CBD has sold at auction to an interstate investor for more than $1.1m through Hot Property.

Hot Property managing director Leon Carlile who handled the campaign along with selling agent Alice Ridgeway, said the listing had attracted strong interstate interest.

“A lot of those investors were looking at good-performing regional areas such as Toowoomba because of our proximity to large infrastructure projects, steady growth factors and strong performing local economy,” he said.

“This property offers a mix of tenants which de-risks such an investment for the owner.

“It has also had a good quality makeover and has been easy to rent.”

The former site of the old Australian Stockman’s Saddlery on Russell Street in the Toowoomba CBD has sold at auction to an interstate investor for more than $1.1m through Hot Property.

Mr Carlile said the seven-figure nature of the 405sq m site in the CBD indicated strong interest in the Garden City.

“The sale of a fully-tenanted property that’s also providing a 9 per cent return on investment indicates a robust and active commercial real estate market,” he said.

“These types of sales demonstrate strong investor demand, favourable market conditions, and positive rental income prospects.”