194 Spence Street
Bungalow, QLD 4870

Overview

Mixed-Use Investment | Residential Income + Commercial

This property is a high-yield mixed-use investment opportunity located in a prime fringe area of the Cairns CBD. It offers a versatile freehold asset zoned for Low Impact Industry, providing immediate income and significant potential for future growth.

Situated on a generous 881 square meter allotment, the property features a well-balanced combination of residential and commercial spaces. This makes it an ideal choice for investors seeking diversified income streams or owner-occupiers who wish to operate a business while benefiting from additional rental returns.

The first floor comprises two spacious three-bedroom apartments, each approximately 93 square meters in size. These apartments include kitchens and open-plan living areas, currently generating a residential income of approximately $49,000 per annum, ensuring a secure revenue stream.

The ground floor contains two commercial tenancies totaling around 200 square meters. These spaces are presently vacant and ready for immediate occupation or leasing. With potential rental rates estimated between $250 and $300 per square meter per annum, the commercial component offers excellent upside for prospective purchasers.

The total building area is approximately 400 square meters. The property is well configured for long-term investment performance, featuring separate metering for each tenancy and installed solar power.

The fully fenced block provides excellent street presence, ample off-street parking, and secure undercover parking at the rear accessible via convenient side access.

Additionally, the rear section of the property offers future development potential, with scope for additional buildings, storage, or expanded parking facilities, subject to council approval.

Investment highlights include:

• Low Impact Industry zoning
• 881 square meter landholding
• Approximately 400 square meters total building area
• Two three-bedroom residential apartments (approx. 93 square meters each)
• Residential income of approximately $49,000 per annum
• Two ground floor commercial tenancies ready to lease
• Estimated commercial rental potential of $250 to $300 per square meter
• Separate power meters
• Solar power installed
• Secure fenced site
• Excellent street frontage
• Off-street and undercover parking
• Rear development potential (subject to council approval)
• Minutes to Cairns CBD

Properties combining strong income, development potential, and flexible zoning in this location are rarely offered to the market. This represents a prime opportunity for investors or owner-occupiers to secure a strategic asset in one of Cairns' most accessible commercial corridors.

The property is scheduled for auction on 31st March at The Pullman Cairns International, unless sold prior.

Location