Queensland business Osprey Property Holdings has paid $8 million for a major industrial facility in Toowoomba’s Wellcamp precinct, in a deal that highlights growing investor and occupier confidence in the region as a logistics hub.
The property at 7/57 Heinemann Road, Wellcamp was sold by United Petroleum following a competitive off-market process that attracted multiple offers.
The successful purchaser secured the property on a cash, unconditional basis with a 30-day settlement, and the facility will be leased to Sunstate Truck Group as the commercial vehicle business expands its presence in the Toowoomba market.
Cushman & Wakefield National Director and Head of Investment Sales, Queensland, Daniel Cullinane, who negotiated the transaction, said competition for the property reflected the limited availability of high-quality industrial investment opportunities in the region.
“This is unquestionably one of Toowoomba’s best industrial assets. The combination of high-quality improvements, a substantial underlying site and an exceptional location within the Wellcamp precinct made it a very compelling opportunity.
“The vendor received multiple offers, demonstrating the depth of capital looking for quality industrial opportunities in Toowoomba. The successful purchaser was also able to transact on a cash, unconditional basis with a 30-day settlement, providing United Petroleum with an exceptionally clean outcome.”
The deal comes as Wellcamp continues to establish itself as a key industrial and logistics precinct, supported by access to major road infrastructure, Toowoomba Wellcamp Airport and freight connections across the Darling Downs and South East Queensland.
Mr Cullinane said the region was increasingly attracting capital traditionally concentrated in larger metropolitan industrial markets.
“We continue to see significant capital and occupier demand directed towards well-located logistics and industrial assets, and Toowoomba is increasingly emerging as one of Queensland’s major regional logistics hubs.
“Wellcamp in particular has developed into a strategically important industrial precinct because of its connectivity, proximity to the airport and ability to service the broader Darling Downs and South East Queensland markets.”
The facility will become a new base for Sunstate Truck Group, providing the company with a strategic foothold in the region as it expands its commercial vehicle operations.
Sunstate Truck Group spokesman Brock McGarity said the quality and location of the facility were key to the group’s decision to establish operations there.
“This is a genuinely first-class facility. The quality of the improvements, the scale of the site and its position within the Wellcamp precinct give us everything we need to operate at the standard our customers expect.
“Toowoomba is on a clear upward trajectory as a major regional hub, and we want to grow with it. As the new dealer for SITRAK Trucks, we are committed to giving the residents and businesses of Toowoomba a premier commercial vehicle partner across sales, parts and service, backed by a long-term presence in the community.”
Osprey director Mark Tobin says the $8 million acquisition provides the family investment company with a long-term industrial holding while giving Sunstate Truck Group a base from which to service Toowoomba and the wider region.
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