Toowoomba-headquartered FKG Group has outlaid a cool $5.5 million to snap up a prime 4509sqm inner city commercial property from the State Government.
The high-profile site at 1-5 Phillip Street was previously owned by the Queensland Government’s Department of Transport and Main Roads.
FKG Group, which is a 50-year-old, family-owned development and construction company chaired by Toowoomba Regional Council Councillor Gary Gardiner, bought the property through an Expression of Interest campaign.
The site is across the road from a six-storey luxury residential development that the company and its subsidiary GFG Projects has started building.
The company’s latest acquisiton is split across six lots and has a mixed-use zoning, meaning that it could potentially be used for commercial, retail, residential or healthcare purposes. The property is now home to a three-storey building and 50 car parks.
The property was sold by Peter Marks and Brian Doyle from Ray White Commercial Toowoomba.
“This was a complex, high-value sale where process and precision mattered,” said Mr Marks. “We attracted multiple serious bidders due to our structured campaign, targeted buyer engagement and understanding of government sale protocols.”
While the urban sprawl in smaller towns like Toowoomba is an inevitability, the sale comes as confirmation of the old real estate adage of ‘location, location, location’.
“The Phillip Street campaign showcased the value of local knowledge combined with a disciplined sales framework,” Mr Doyle said. “The property’s potential, location and flexibility made it especially appealing to buyers with a long-term development lens.”