Toowoomba investor buys CBD property with view of redeveloping site in future

Hot off the heels of a new Toowoomba development that could shake up the CBD, a local investor has bought a commercial property close to Grand Central Shopping Centre.

SOLD: A local investor has snapped up a two-tenant Toowoomba CBD property on Hill Street, with a view of redeveloping the site in the future.

A Toowoomba investor has snapped up a commercial property near the heart of the CBD, with the responsible agent calling it part of the city centre’s revitalisation process.

The Hill Street site, which includes the Nami remedial massage clinic and BOQ Business Banking branch as tenants, was sold for $1.5m following an expressions of interest campaign.

The average lease expiry for the tenants is 2.5 years, while the net income is just shy of $95,000 per year.

LJ Hooker Toowoomba’s Chris Stewart said while the property would remain as it was for the moment, the new owner would look to consider a mixed-use development in future.

“This will continue the growth in Toowoomba’s CBD — it’s a good site, you can go to six storeys on it,” he said.

“It’s part of the CBD revitalisation — there was a lot of interest in that, we got about 80 inquiries, we could have sold the property 5-6 times over.

“It’s close to transport, shopping and doctors — being across the road from Grand Central, it allows it to be opened to accommodation uses.”

Mr Stewart said he envisioned any new development would be similar to the new “skyhouse” project on Mylne Street, which includes residential, retail and food and beverage uses.

“They could get a development moving down the track, similar to the one up at Mylne Street,” he said.

I agree with what the council is saying about mixed-use developments and that’s what I’m pushing with clients.”