CBD corner site part of developer’s $4.3m cash splash
A TOOWOOMBA CBD site that housed a national rental car chain is part of a $4.3 million cash splash by a local investor.
Keith Beer, who used to own several McDonald's restaurants across Toowoomba and still owns the Harristown location, confirmed he had bought the old Avis site on the corner of Ruthven and Evelyn Sts, opposite Bunnings.
It comes just a few weeks after Mr Beer bought two units in an apartment block on Tourist Rd in East Toowoomba as well as a pair of residential properties opposite the Wilsonton Shopping Centre on Bridge St.
Mr Beer, whose Toowoomba portfolio now consists of nearly a dozen properties, said he placed a lot of trust in the city's future growth.
"Toowoomba has had great steady growth - it goes along, increasing year-on-year but not by big amounts," he said.
"If you get a peak one minute and a big drop the next, it's very difficult to maintain.
"If you've got a market going up slowly, you know where you're going.
"We do place faith in Toowoomba, because we've invested $4.3m recently, with the site in Ruthven St, the ones on Bridge near the McDonald's and the (East Toowoomba) apartments."
Mr Beer said the ex-Avis site could be suitable for a number of potential tenants.
"It could be used for anything - it used to be a Shell servo and it's got a massive water tank, so it would be good for someone to use as a car yard," he said.
"It could lend itself to anything."
The deal was handled by developer Hodge Holdings, which has recently moved into commercial real estate sales under the name Hodge Real Estate.
Lead agent Edward Hodge said the location of the site near Bunnings was a major factor contributing to the sale.