This article is from the Australian Property Journal archive
A RETAIL building located in Dunwich on North Stradbroke Island off Brisbane has sold for $1.48 million.
The single level 472 sqm building located at 11 Ballow Rd Dunwich, was sold by Nathan Moore and Michael Keddy of Ray White Commercial Bayside, to a local investor/developer.
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 added.
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.”
Keddy said the three long term tenants were currently generating net rental income of approximately $147,744 per annum.
Property Review