Why $8.62m asset sale could trigger new investment wave
THE reserve-shattering sale of a new 7-Eleven service station with an attached McDonald's drive-through restaurant could trigger a wave of investment in Toowoomba's western corridor.
That's according to the agent who handled the $8.62 million sale at auction of the servo on Main St in Westbrook.
The asset attracted more than 150 inquiries from four states and territories, while eight bids were submitted well before the auction took place.
Burgess Rawson's Doug Doyle said the price, more than $600,000 above the reserve, was a sign that the western corridor of towns like Westbrook were set to be growth centres heading into the future.
"The McDonald's covenant (tenancy) is very rare and that attracted a lot of investor interest, as well as the location,"
"Investors realised it is an emerging town and there is a lot of development to come in that area.
"These tenants are very well educated and they realise what areas are growing and they jump in there.
"(Competitors) are going to see how well those businesses are thriving and they will want a piece of the pie for sure."
Hallmark Property Group's Ian Knox, who built the asset and secured the tenants, said development in Westbrook and the western corridor needed to be fast-tracked by the Toowoomba Regional Council.
"There are so many businesses who wish to relocate to Westbrook, but there is no land available (that is zoned for development)," he said.
"It's trading exceptionally well - that's actually 7-Eleven's best-trading store in Toowoomba.
"It's really dependent on the council's desire to see Westbrook grow."