A development site in a rapidly growing pocket just 3.5 kilometres from the centre of Toowoomba has hit the market.
The 12,950 square metre property located at 541 South Street in Glenvale sits adjacent to new land subdivisions, townhouses and retirement and is in close proximity to a future Coles shopping centre, top schools and major employment nodes.
CBRE development site specialist and head of metropolitan investment Jon Quayle has been appointed to manage the sale of the site.
Zoned low-medium residential, the property currently has a scheme for 56 townhouses however is suited to a range of residential uses.
“The site is flat and boasts a tremendous northerly aspect overlooking Council green open space,” Quayle said.
“While the original plan was for townhouses I could very easily see a potential land subdivision or retirement use complimenting surrounding established estates.”
While the site is still effectively a blank canvas in terms of end uses, it benefits from previous investment in civil works simplifying the future development process.
“A lot of hard work has already been done with major services infrastructure works already undertaken,” Quayle said.
“The new owner is getting significant added value from the get-go with this site.”
Toowoomba has experienced strong growth over the past five years with several key strategies implemented by the local government to encourage migration to the region and the retention of its existing residents.
The city’s proactive approach to infrastructure spending in the private and public sector has seen many game-changer projects recently come to fruition such as the Wellcamp Airport, which services more than 80 passenger flights per week and international air cargo to Hong Kong.
The Second Range Crossing is due to complete in mid-2019, while major retail, commercial and hotel redevelopment and several large-scale sustainable energy projects are under way.
“The region continues to benefit from major projects currently underway or in planning valued at over $8.7 billion which also showcases the city’s growth prospects and global investment appeal,” Quayle said.
“As a direct result of this you are seeing demand increase for new properties, particularly in the Glenvale region, which has strong fundamentals for continued urbanisation being well serviced by schools and shopping but also the advantage of close proximity to the CBD and the ever-growing jobs hub of Wellcamp.”
541 South Street, Glenvale will be sold with Expressions of Interest closing at 4pm (AEST), 20 June 2019.
Director
CBRE Metropolitan Investments
0412 594 698
jon.quayle@cbre.com
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