Blackfox drops $27m on Toowoomba assets
Sydney based Blackfox Property has spent nearly $27 million for two Toowoomba retail investments.
In the biggest deal, the fund manager is paying Arcana Capital $16.78 million for the Centrepoint complex (pictured, top) on 1.17 hectares at the south west corner of Goggs and Prescott streets, but with the address 227-231 James.
Fully leased, with 7406 square metres, surrounded by 166 car parks, the result reflects a 7.4 per cent net passing yield.
Arcana, led by ex-state premier Campbell Newman, paid a Toowoomba family $13.75m in 2018.
It was represented for the sale by Savills’ Jon Tyson, Joe Maloney and Peter Tyson.
Fantastic Furniture fetches $10m
Meanwhile a large format investment leased to Fantastic Furniture and All Stars Gymnastics in North Toowoomba traded for $10m – two years after it was listed and four months after an auction (when expectations were c$10.9m).
On 1.01ha with 5723 sqm and 40 car parks, the deal for 181 Bridge St demonstrates a 7.7pc return.
Ray White Commercial’s Thomas Clark and Joey Ho were the agents (story continues below).
Local businessman Roy Brook was the seller.
Blackfox backs regions again
Sydney based Blackfox is directed by Marc Schwartz and Greg Bachmayer; representing dozens of wholesale investors, Primewest co-founder David Schwartz is a cornerstone backer.
The Toowoomba deals come 10 months since we reported the group outlaid $11.71m for the Shepparton Retail Hub in Victoria.
Anchored to Officeworks, with 3820 sqm, that result reflected a 7.25pc return.
Stonebridge’s Justin Dowers and Rorey James were the agents.
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