One of Toowoomba’s largest commercial properties has sold for $10.5 million.

The nine-level Easternwell Centre at 10 Russell Street was bought by Bernoth Properties – a local Toowomba family with extensive property holdings in the area.

The 5047 square metre site is located in the CBD and has frontage to Russel and Neil Streets, along with the Bell Street Mall.

The total lease site of the building is 7100 square metres, which includes a single-level car park at and a further 58 parking bays at the rear of the property.

Knight Frank’s Christian Sandstrom and Adam Willmore negotiated the sale.

“We believed that the majority of interested parties would be either Toowoomba or Brisbane based however we were pleasantly surprised by the genuine interest from interstate buyers in the Toowoomba office market.” Mr Willmore said.

At a glance: 

• The nine-level Easternwell Centre at 10 Russell Street was bought by Bernoth Properties
• The sale went through for $10.5 million and was brokered by Knight Frank
• The net lettable area of the building is 7100 square metres

“The building is one of the largest commercial assets in town and occupies a prominent position in the heart of the Toowoomba Central Business District so it was a well-known asset in the area.

“It is well located within the CBD, backing onto the Bell Street Mall, which is earmarked for an upgrade in the near future and adjoins the refurbished Toowoomba Bus Station.”

Easternwell, which specialises in providing drilling, well servicing and camp management services to the mining, minerals, oil and gas industries, is the major tenant in the Toowoomba building.

A 10- year lease was recently signed by Southern Cross Austereo to occupy space in the building for a radio station and TV studio.

Mr Sandstrom said regional hubs were increasingly attracting investors, who were looking for opportunities with higher yields outside the capital cities.

“Toowoomba is Australia’s second largest inland city and is experiencing an influx in infrastructure investment and development projects,” he said. “Regarded as the epicentre of Queensland’s significant agricultural, infrastructure and mining activities, Toowoomba will always remain the gateway to the Darling Downs region and Surat Basin mining precinct.

“Situated prominently in the commercial core of the Toowoomba CBD, the Russell Street property benefits from a location that will capitalise on the surrounding infrastructure, amenity and facilities this city has to offer.

“It sits on the fringe of the Railway Parklands Priority Development Area (PDA) in Toowoomba, the activation of which is designed to facilitate development during a time of unprecedented opportunity and investment, and the infrastructure pipeline occurring in the region will underpin the location of the asset and support the performance of the building.”

“Toowoomba is Australia’s second largest inland city and is experiencing an influx in infrastructure investment and development projects,” he said. “Regarded as the epicentre of Queensland’s significant agricultural, infrastructure and mining activities, Toowoomba will always remain the gateway to the Darling Downs region and Surat Basin mining precinct.

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