Toowoomba CBD Building Sold for Record Price – well over $10 Million
A prominent commercial building in the Toowoomba CBD with a range of blue chip tenants has been sold by Ray White Commercial Toowoomba for a record price for an office building in the city centre, well over $10 million.
The James Cook Centre at 580 Ruthven Street, Toowoomba, was sold to a private investor by Mark Wynhoven of Ray White Commercial Toowoomba on behalf of GDI property group.
The office complex on the corner of James, Herries and Annand Sts houses tenants including the Queensland Government, Toowoomba Regional Council, Creevey Russell Lawyers and the Ray White Real Estate Group.
The building completed its $1 million refurbishment in 2014 and is regarded as one of Toowoomba’s premium office facilities.
Mark Wynhoven said it was an unprecedented price for an office building and reflected the growing confidence in Toowoomba.
The centre comprises a modern, three-level commercial office building with a nett lettable area of 4,306 sqm.
“It’s always been a wealthy town but the wealth is staying in Toowoomba,” he said.
Mark Wynhoven said the sale was a historic moment, with the only other office building in this category being the Easternwell Building on Bell St, which sold in 1995.