An iconic retail building located in Dunwich on idyllic North Stradbroke Island off Brisbane has been sold by Ray White Commercial for $1.48 million.
The tenanted 472 sqm single level retail building located at 11 Ballow Road, Dunwich, was marketed by Nathan Moore and Michael Keddy of Ray White Commercial Bayside and sold to a local investor/developer.
Nathan Moore said the property was positioned near the barge and ferry terminal at the gateway to the tourist hotspot of North Stradbroke Island and comprised three self-contained tenancies erected on 685 sqm of land.
“The property is currently leased by the only operational bakery, dispensing chemist and detached bottle shop on the island. With a history of no vacancies since its construction, this really is as good as it gets,” he said.
“The site offers substantial frontage onto Ballow Road and is strategically positioned with optimum exposure to the island’s ferry terminal.”
Michael Keddy said the property was a great investment due to the island’s flourishing tourism industry.
“More than 15,000 people visit North Stradbroke Island during peak holiday periods each year and visitors must pass by the property to enter or exit the island,” he said.
“The site offers impressive views across Moreton Bay and subject to council approval may have future mixed use redevelopment potential.”
Michael Keddy said the three long term tenants were currently generating net rental income of approximately $147,744 per annum.