Mixed-Use Bayside Development Site for Sale

A mixed-use development site with holding income and potential for uninterrupted views (STCA) over Moreton Bay at Cleveland on Brisbane’s bayside is being offered for sale by Ray White Commercial.

The approximately 1,154 sq m site over two titles at 40-44 Middle Street, Cleveland, is being marketed via Expressions of Interest by Ray White Special Project Queensland's Andrew Burke and Matthew Fritzsche and Ray White Commercial Bayside’s Nathan Moore and Jonathon Burrowes.

Mr Burke said the site has major centre zoning which allows for a range of development options:

“The site is close to Coles and Woolworths supermarkets, bayside parklands and Cleveland’s cafés and restaurants plus rail and bus links. It’s approximately 1.5km to the Stradbroke Island Ferry Terminal.”

Mr Moore said the historic bayside suburb of Cleveland contains a diverse mix of housing styles, ranging from older weatherboard homes, townhouses and villas, to the prestigious waterfront houses located in Raby Bay.

“In recent times, the area has seen the emergence of unit development, which has transformed parts of Cleveland’s shoreline,” he said.

“Cleveland has experienced strong price growth over recent years. While Cleveland is the retail and commercial hub for the Redland Shire, it is also a place where you’ll find public artworks, historic buildings and pubs and a very popular Sunday market.

“Cleveland is also the departure point for a number of the vehicular and passenger services to the holiday destination of North Stradbroke Island.

“As well as being able to commute into Brisbane via the Cleveland train station, residents often find employment in the area with the Department of Primary Industries being located there, as is the Redlands Shire Council, two hospitals, an industrial estate and many other small businesses.

Mr Fritzsche said the Middle St site currently comprises two single level commercial buildings on separate titles which are both tenanted.

“The property fully leased generates rental income of approximately $117,564 per annum,” he said.

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