Bunnings to build city's second warehouse at foundry site
UPDATE: Bunnings has this morning confirmed it has purchased the site of the old Toowoomba Foundry.
It plans to use the site to build its second hardware warehouse in Toowooomba.
"The development is still in the very early planning stages and we look forward to working with the Toowoomba Regional Council and the local community to bring the second Bunnings Warehouse to the area," Bunnings chief operating officer Peter Davis said.
There are no details on how much Bunnings paid for the site.
EARLIER: Bunnings should own the Toowoomba Foundry by the end of this week, sealing a watershed period for commercial property in the Garden City.
A source close to the sale said they were confident the transaction would be completed today or tomorrow at the latest.
The sale was due to be finalised by September 30, but "technical issues'' caused delays.
Bunnings made an offer on the site in September last year.
The contract is currently unconditional.
The long-awaited sale of the Toowoomba Foundry comes hot on the heels of the sale of the Toowoomba Kmart Plaza for a reported $58 million.
It was sold to the McConaghy family, a private Queensland shopping centre owner and owner of The Ridge shopping centre.
The Wilsonton Shopping Centre remains on the market, but there are reports it is being targeted by Colonial First State Global Asset Management.
Market experts believe that centre could sell for as much as $60 million.
Colonial First State is an Australian wealth management group with funds in excess of $155 billion.
Other major commercial projects under way in Toowoomba include the $300 million redevelopment of Grand Central Shopping Centre and Gardentown, and construction of the $25 million Northpoint Shopping Centre.