Toowoomba Shopping Centre Sold for More Than $14 Million
A prominent, fully leased retail centre in Queensland’s largest inland city, Toowoomba, has been sold by Ray White Commercial for more than $14 million.
Wyalla Plaza at 236A-238A Taylor Street, Newtown, was sold to a Melbourne-based investor by Stephen Kidd of Ray White Commercial (Qld) and Peter Marks of Ray White Commercial Toowoomba on behalf of a local businessman for a yield of approximately 7.0 per cent.
Stephen Kidd said the marketing campaign for Wyalla Plaza attracted strong local, interstate and international interest as the single level convenience centre represented a tremendous investment opportunity in the growth centre of Toowoomba.
“Wyalla Plaza is 100 per cent leased and includes a service station, medical centre and a total of 25 tenants,” he said.
“The property is returning net rental income of more than $1 million per annum and offers opportunity for further growth. Tenants include Puma, Domino’s Pizza, Downs Rural Medical and Malouf Pharmacy as well as a diverse range of other businesses. The plaza has had a stable tenant history since opening in the early 1990s.
“The property is on a major arterial road and the site offers a land area of 14,028 sqm and a gross floor area of 3,995 sqm. There are 172 car parks.”
Peter Marks said there is currently a strong appetite for investment in Toowoomba with the city of approximately 163,000 people enjoying a bright economic future underwritten by primary industry, natural resources, education and tourism sectors.
“Toowoomba is currently experiencing an influx of major infrastructure developments totalling more than $10 billion,” he said. “With unrivalled road, rail and air connectivity now on the region’s doorstep because of the Brisbane West Wellcamp Airport, the Toowoomba Second Range Crossing and the Melbourne to Brisbane Inland Rail Project, Toowoomba is set to become a transport and logistics hub for regional Queensland.
“Reflecting their support and understanding of the economic strength and growth of the Toowoomba and Darling Downs region, QIC has just invested in a $550 million redevelopment and expansion of the Grand Central and Gardentown Shopping Centres, making Toowoomba home to a modern regional sized Shopping Centre.”