194 Spence Street
Bungalow, QLD 4870

Overview

A Premier Dual-Income Investment Opportunity

This exceptional property presents a versatile, two-level freehold asset located in a highly sought-after area zoned for Low Impact Industry. It offers a unique opportunity for investors or owner-occupiers seeking a secure and diversified income stream with significant potential for value enhancement.

The property comprises a substantial landholding of 881 square meters with favorable commercial zoning, featuring a total built-up area of approximately 400 square meters. This area is evenly split between the ground floor and the first floor, each offering 200 square meters of space. The building is designed to accommodate a strategic mix of tenanted residential apartments on the first floor and vacant commercial office suites on the ground floor, providing flexibility for various uses.

Each unit within the property is separately metered and equipped with its own utilities, including solar panels that contribute to energy efficiency and tenant appeal. The site is fully fenced, offering prominent street frontage and ample off-street parking. Additionally, secure undercover parking is available at the rear, accessible via convenient side access, enhancing the property's functionality for tenants and staff.

The residential component currently generates an annual income of approximately $49,000, while the two vacant commercial units, each around 100 square meters, are ready to lease and capable of securing rental rates between $250 and $300 per square meter per annum. This presents a substantial upside for prospective purchasers looking to maximize rental returns.

Beyond the existing structures, the rear of the property offers significant development potential. There is scope for additional units, a shed, or expanded parking facilities, subject to council approval. This potential for future growth represents an excellent opportunity for long-term value creation and portfolio diversification.

Key investment highlights include:

• Immediate and secure cash flow from two fully furnished residential apartments leased to quality tenants.
• Significant rental upside with two vacant commercial suites ready for professional, medical, or retail tenants.
• Unparalleled flexibility for owner-occupiers to establish their business while offsetting holding costs through residential rental income.
• Future growth potential through rear development opportunities, subject to council approval.

Properties of this caliber, offering a compelling blend of income, growth, and strategic flexibility, are rarely available on the market. Interested parties are encouraged to express their interest, request a detailed Information Memorandum, and arrange a private inspection to fully appreciate the value and potential of this outstanding commercial holding.

Prospective buyers are also invited to register early for a seamless bidding experience at the upcoming auction, ensuring they do not miss this unique opportunity.

Location