Carina site with development upside sells for $3.9 million

A future redevelopment site in Carina’s shopping precinct has been sold for $3.9 million by Ray White Commercial TradeCoast.

The sale of 838 Old Cleveland Road to private investors was brokered by Ray White Commercial TradeCoast directors Jonathon Jones and Joshua Jones after an expressions-of-interest campaign.

The site consists of a fully leased 590sqm retail centre with 20 car parks at the rear and a three-bedroom house. The retail centre is leased to three well-known local shops — Australia Post, Carina Newsagency and Carina Day & Night Pharmacy.

“The combined 1698sqm site not only provides holding income, it offers the potential for future development, subject to council approval,” says Jonathon Jones, who finalised the deal in late 2017.

“Carina’s Old Cleveland Road strip is known for its variety of shops and a strong mix of medical and professional services.

“The buyer recognised the benefits of the established tenancies and the scope for development, as well as the site’s proximity to the Brisbane CBD, motorways and other amenities.”

With a total net income of $197,323.67, the property’s sale price represents a yield of 5 per cent.

• View more Ray White Commercial TradeCoast properties for sale and for lease.

• Follow Ray White Commercial on Twitter and LinkedIn