Toowoomba developer Ian Knox sells Westridge Shopping Centre to local investors
One of Toowoomba’s most prominent developers has sold a shopping centre he created and owned for more than 30 years. It’s the latest in a long list of commercial assets that have changed hands.
Real Estate
Don't miss out on the headlines from Real Estate. Followed categories will be added to My News.
Another Toowoomba shopping centre has changed hands off-market, with a consortium of investors snapping up a popular neighbourhood commercial precinct.
Colliers International this week confirmed it had sold the Westridge Shopping Centre in Kearneys Spring for an undisclosed sum to a group of mostly local buyers.
The syndicate of private investors was facilitated by local financial services firm, Range Investment Partners for GTH+ Accounting Group, whose clients were attracted by the centre’s strong trading performance and income.
It is the latest shopping precinct in Toowoomba to change hands since 2018, with other sales including the Wilsonton Shopping Centre, Clifford Gardens and the Drayton Shopping Centre.
The property had been owned by prominent developer Ian Knox of Hallmark Property for more than 30 years.
The centre features a number of national brands like Patty Smith’s and Domino’s, along with Toowoomba staples like Crackerjack Chicken and a number of award-winning local independents.
Colliers Toowoomba managing director Dan Dwan said Mr Knox was convinced to sell knowing the site would remain locally-owned.
“The decision to sell Westridge certainly wasn’t a decision that Ian took lightly,” he said.
“The continuation of localised ownership and management was clearly a contributing factor.
“Westridge has been an enormous part of Mr Knox’s life for an extended period of time and it was important for him to know that the new owners would continue the strong working relationship with the tenants that he had nurtured over the past 30 years.”
Mr Dwan said the centre commanded a sale price and yield expected for a property of this type in a competitive investment market.
‘Walk in, walk out’: Popular country pub hits market for $625k
The owners of a small but popular pub on the Darling Downs has put the venue up for sale for the first time in eight years. Here’s what you get.
Former Qld premier buys regional Qld office block for $8.5m
A former Queensland premier’s company has snapped up a lucrative office building in a regional city as their investment portfolio grows across Australia.
What’s planned for Toowoomba suburb after monster $1.9m land deal
A massive parcel of land close to the centre of Toowoomba has sold for nearly $1.9m, with agents giving a hint as to what the block could become.
Buyers ready to strike as ‘top five’ Australian bowling alley hits market
A massive bowling alley in regional Queensland, described as one of the best in Australia, has hit the market as a going concern.
Up 269% in five years: City’s biggest house flips revealed
Toowoomba’s high-end property market has continued to explode, with the 30 biggest sales from 2024 so far revealing some extraordinary returns for its sellers. The full list here:
Look inside: ‘Impressive’ seven-bedroom city home hits market
It’s got seven bedrooms, a tennis court, Ralph Lauren wall textiles and is laid out like a Georgian-era manor. Step inside a Toowoomba home that agents are calling “extraordinary’: