Not for profit banks $24m from site
The Endeavour Foundation has sold a Toowoomba estate bequeathed to it.
The 8.55 hectare rectangle shaped holding, 542-558 Hume Street, Middle Ridge, fetched $23.7 million from an offshore developer planning a housing estate.
Some 342 townhouses could be considered – 40 lots per ha.
Also known as the Ivy Mann Hostel, Endeavour Foundation 10 years ago a engaged a town planner to design a 108-lot subdivision and park out of the land.
Site set for development
Middle Ridge is one of Toowoomba’s more exclusive suburbs with a median house price of $1m (Greater Toowoomba’s median is about $650,000, according to REMAX).
JLL’s Jake Burrowes and Liam Petersen were the agents, closing an expressions of interest campaign in June.
Land lease providers were targeted as well as traditional residential developers.
The deal comes a fortnight since we reported Kearney Springs’ Jefferey Motel sold between operators for $9.53m.
Earlier this year meanwhile, asset manager Blackfox bought two Toowoomba retail investments, including the Centrepoint complex, for a total $27m.
Middle Ridge is about six kilometres south of town.
Subscribe to our newsletter at the bottom of this page.
