PROPERTY BOOM: Businesses sell for $8.7m
MILLION dollar sales across Toowoomba and the wider region is boosting the regional trend towards commercial investing according to commercial agency Burgess Rawson.
Selling agent David Ingram revealed Toowoomba's Pizza Hut site sold for $1,850,000 and Carbal Medical Centre's office sold for $1,525,000 last financial year.
Mr Ingram said Pizza Hut was highly sought after due to its strong regional location and position within the Caltex, KFC and Subway retail complex opposite Toowoomba Plaza Shopping Centre.
He said with a 10-year lease until 2024 and the option to extend the lease until 2034 was also attractive to investors.
The Pizza Hut has an annual rental return of $115,306.
"Toowoomba is known as the commercial capital of the Darling Downs so it's no surprise we had 85 enquiries for the Toowoomba site during the campaign," he said.
"Bidding was seen from Melbourne, Sydney and Brisbane, with the eventual purchaser being a Gold Coast-based family."
The Ruthven St Carbal Medical Centre site was sold by agent Glenn Conridge with a five-year lease until June 2020 and extension options until 2030.
Mr Ingram said with plans for Inland Rail, the Brisbane West Wellcamp airport and Toowoomba Second Range Crossing all helped drive Toowoomba's property market.
"Competition continues to be strong in regional Queensland this financial year, particularly for investments that are well leased in the $1m to $5m range," he said.
In Warwick, the Coffee Club sold for $2,130,000 and the Hungry Jacks for $3,170,000. Both were sold ahead of being listed for auction.
Mr Ingram said commercial properties throughout regional Queensland were highly sought after.
"The interest shown by investors and price levels achieved point to a strong market environment for well-leased opportunities," Mr Ingram said.
The Hungry Jacks site was purchased by a Brisbane-based investor who owns similar fast food investments in Queensland.
Mr Ingram said the site built in 2010 was popular due to its location.
"The region is strategically located at the junction of many national highways and from Warwick there are direct roads to Brisbane, Sydney and Melbourne," Mr Ingram said.
"The inclusion of Queensland properties in our Melbourne and Sydney Portfolio Auction continues to create record prices for our clients."
For more information contact David Ingram on 0403 464 621 or via email firstname.lastname@example.org.