Massive price tag
THE headquarters for one of the Toowoomba region’s top companies has just sold for an astonishing price tag, with agents calling it one of the most lucrative deals in recent years.
FKG Group’s main site on McDougall St in Glenvale was snapped up for $23 million by a Sydney family, making it one of the largest sales in Toowoomba in the past decade.
The 3-5 hectare headquarters, built in 2013, includes office space, depots, parking, a gym and even a childcare centre to cater for employees.
LJ Hooker Toowoomba agent Markus Eames, who helped broker the deal with colleague Dan Cullinane, said the sale-and-lease-back deal was a big win for all parties.
“It was a private family from Sydney looking to invest in Queensland and this asset fit perfectly,” he said.
“There are no real examples to compare it with in Toowoomba.
“We had a lot of property fund inquiries, but at the end of it, the family were the winners — we’re pretty confident this was the best result.
“With industrial properties in Toowoomba, it’s the highest sale I’ve seen.
“This shows the strength of that side of Toowoomba — wealthy families and investment funds are satisfied with Toowoomba’s growth enough to buy in it.”
Mr Eames said the COVID-19 pandemic had actually created a rare window of opportunity to showcase the listing.
“We had to adjust a lot during the COVID period, and it was a big decision to market it post the pandemic,” he said.
“We had to do the tour via our phone and the video we put together for the property.
“We picked a level in the market where we could not see too many A-class industrial properties for sale.
“What it did was it stood out from the rest of the market.