Clive snaps up 5ha estate
$1.2m bid adds to Darling Heights portfolio
TOOWOOMBA property developer Clive Berghofer is building a land portfolio in Darling Heights after buying a 5ha estate at auction for $1.2 million.
A field of seven businessmen from Toowoomba and Brisbane registered to bid on the 627-643 West St property.
Elders Real Estate principal Trevor Leishman said the land was primed for residential subdivision.
“Clive already owns the adjoining land and land across the road — he’s keeping it in his portfolio for future development,” he said.
“Land of that size and in that sort of area always attracts attention and a few people had their eyes on it.”
Mr Berghofer, who has made recent headlines by donating $50.1 million to cancer research, does not expect to start development on the site in the near future.
“I own quite a lot of land around it and I’m trying to piece it all together,” he said.
“Without owning all the adjoining land it makes it hard to develop.
“I will hold on to it and look at new properties as they come on the market.”
The land’s former owner was pleased with the auction’s outcome.
“Mr Craddock has been living there for 30-odd years, watching the area grow around him,” Mr Leishman said.
“It has been a great home for him and his family, but it was time to move on.”
Don’t miss the Domain property lift-out in tomorrow’s Chronicle.
Preview this weekend’s open homes on Pages 38 and 39 today.