Commercial:
The heart of Toowoomba’s CBD continues to thrive and boost our local economy thanks to the recent sales of multiple Margaret Street and Russell Street commercial properties.
The i’s have been dotted, the t’s crossed and it’s official.
Three more iconic local buildings have begun the journey of rejuvenation.
The heart of Toowoomba’s CBD continues to thrive and boost our local economy thanks to the recent sales of multiple Margaret Street and Russell Street commercial properties.
The combination of sales by Colliers International Toowoomba of the Longs Building on Margaret Street, 183-187 Margaret Street, and 103-107 Russell Street is evidence that the expansion of QIC’s Grand Central need not be a worry for the bottom line of local businesses.
"With a combined area of more than 3900sq m across the three properties, and being zoned for both retail and commercial use, they lend themselves to a myriad of possibilities for new owners to impress the community and further enhance the appeal of the city centre to tourists and locals alike," Justin Eastwell of Colliers International Toowoomba said.
"Our office is proud to be such an instrumental player in assisting with the reinvigoration of the CBD."
The redevelopment of these properties, sold for a cumulative $6 million, over the next couple of years is set to project millions of dollars into the local economy from the initial construction stages through to launch and ongoing long-term successes.
Further to that, we have seen the Gasworks site placed under contract with a developer looking to capitalise on the high exposure and its location within the Priority Development Area to further enhance this northern sector of the CBD.
Mr Eastwell commented "the region is experiencing an unprecedented level of investment across a number of key sectors resulting in more than $13 billion set to be injected into our local economy. There are simply too many opportunities for investors to not consider Toowoomba as an economic hub in Queensland."
“In what has normally been a tightly held market, there has been a record number of sales within the CBD over the past two to three years due to a generational shift in ownership.
“While there are still a number of on-market and off-market opportunities available for the developer or investor, it’s unlikely we will see this amplitude of transactions and opportunities occurring again for at least another decade,” Mr Eastwell said.
“With continued focus on Toowoomba from a national viewpoint, it makes sense to capitalise on these opportunities now and look at the long-term future of this developing area.”