Dual Cleveland commercial assets sell for combined $4.26M

DUAL commercial assets have been sold in one line to a private Queensland-based family-owned development company for $4,260,000 at Cleveland’s 74-80 Shore Street West.

The two assets, that came with 3,098sq m* and 3,164sq m* site areas, offered a combined 1,528sq m* building area plus 500sq m* awning.

The properties were successfully marketed and sold by Ray White Commercial Bayside Director Nathan Moore.

Mr Moore said it was the first time the properties had been offered to the market in over 40 years and they appealed to investors, developers and owner-occupiers.

“It really was a hotly contested expressions of interest campaign throughout, with more than 35 enquiries and seven offers made,” Mr Moore said.

“It came down to two very close bidders, with the private Queensland-based family-owned development company coming out on top, and they already have plans sitting with Council.

“The interested parties were attracted to the properties primarily because of the tightly-held Cleveland retail showroom and services precinct location.

“Cleveland is predominantly a traditional residential area with various commercial and retail facilities comprised primarily over Middle Street, Queen Street and Bloomfield Street, and a mixture of retail, showroom and industrial over Shore Street and Wellington Street.

“Shore Street itself is a four-lane arterial road with the subject properties enjoying direct vehicular access from the street. It also provides excellent links into Brisbane CBD.”

*Approximately.