The sale of the former council nursery at Middle Ridge is inching closer after Toowoomba Regional Council finalised its due diligence process.
Back in June the council enlisted Ray White Special Projects to find a buyer for the council’s former nursery at 306 Ramsay Street, Middle Ridge.
The 2.05-hectare site is earmarked for low to medium residential development and the council was expecting the buyer to develop a minimum of 46 new homes.
Ray White Special Projects led a two-stage Expression of Interest (EOI) and tender process for the site.
Toowoomba Regional Council has announced that it has now completed a “thorough due diligence process” in awarding the tender for the sale of surplus land.
The site adjoins a park on the eastern boundary, is level and connected to all urban infrastructure with two road access points.
TRC Economic Development portfolio spokesperson Cr Edwina Farquhar said the sale would lead to additional land being made available for housing.
“We understand there is a high demand for housing and where possible, we’re doing everything we can to progress developments that meet this need,’’ Cr Farquhar said in a statement.
“Releasing surplus land is one lever we can pull to help do our part. At the same time, we’re committed to getting the best result for our community.
“The contract includes covenants to prevent land banking and other provisions to ensure timely development.
“These measures include Council retaining the right to buy back the land for the original sale price if agreed milestones are not met.”
As part of the Council decision on 18 November, the council’s chief executive officer will be given the responsibility to negotiate the terms of the sale and to execute all necessary documentation.