This article is from the Australian Property Journal archive
A mixed-use development site with holding income at Caloundra on the Sunshine Coast has sold for $2.71 million.
The property which comprises four-titled commercial lots at 118 Bulcock St Caloundra was sold to a Sunshine Coast investor by Ray White Commercial’s Len Greedy and Alan Gray, on behalf of Rob and Max Waterson.
“This site with views at the rear of the property towards Pumicestone Passage created immense interest with offers to purchase received from local investors along with developers from Brisbane and across the Sunshine Coast,” Greedy said.
“The successful purchaser was a Sunshine Coast investor who identified the property’s future redevelopment potential.”
The consolidated site has a total land area of approximately 1,858 sqm with a combined building area of approximately 831 sqm, including a balcony.
“The four tenancies which include professional offices and a restaurant are currently returning net rental income of approximately $124,000 per annum,” he said.
Gray said under the current town plan a building height of 25 metres can be achieved on the site (STCA).
Australian Property Journal
