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The landscape of Toowoomba has been evolving over recent years with increased residential and commercial development as well as the construction of Australia’s first greenfield public airport in more than 40 years.
The property market has also matured with more demand for unit and townhouse living from the inland city’s growing population, but it appears that supply hasn’t kept up.
But one inner-city listing promises savvy buyers the opportunity to construct a landmark property for the current and future needs of Garden City residents.
Listed by Drew Camm of McGrath Commercial Toowoomba, 28-32 Neil Street boasts 3757 square metres of inner-city land as well as potential income from its existing 100-plus car parks and office and retail spaces.
The site was previously the McCafferty’s Bus Terminal.
“It’s unbelievable and the thing we need to recognise is there is three-street access for starters,” Mr Camm said.
“You can build up to eight storeys on the site… So you can do resi, with commercial underneath it. The residences will actually have a view of the historic and beautiful Queens Park.
“You’re actually going to have a view of that and a view of the award-winning Carnival of Flowers Parade from the units.”
Listed at $3.9 million, Mr Camm said the site also offered a potential yield of 10 per cent without too much financial outlay to revamp the office and retail spaces.
In the meantime, he said, plans could be developed to supply much-needed residential units in the inner-city, which were in very short supply.
“People want to move back into the city now, into a really nice development where you’ve got your retail downstairs. You can take your little dog and walk it in Queens Park every day.
“This is an incredible lifestyle opportunity for an astute developer that actually wants to develop something in the future for people to live in in Toowoomba.”
Real Estate Institute of Queensland Toowoomba zone chairman David Snow said the site offered a unique opportunity given its location and size.
“It’s a fabulous site from the point of view of a mixture of residential and commercial,” Mr Snow said.
“It’s within walking distance to everywhere… but it’s a nicely positioned site in that it’s on the edge (of the city). You’re not strangled by other developments around it or accessibility issues.
“It’s a lovely opportunity for both a commercial and residential marriage, because you’re on the edge of the CBD, but you’ve got this outlook to the northeast, which is just all trees and greenery.”
Industrial properties in Toowoomba are also becoming more popular with buyers due to their affordable prices and high yields, new research from Ray White Commercial shows.