Dual Cleveland commercial assets sold after 40 years

Dual commercial assets in Cleveland have been sold in one line to a private Queensland-based family-owned development company.

The two assets, at Cleveland’s 74-80 Shore Street West, come with 3,098 square metre and 3,164 square metre site areas, offering a combined 1,528 square metre building area plus 500 square metre awning.

The properties were marketed and sold by Ray White Commercial Bayside Director Nathan Moore.

Mr Moore said it was the first time the properties had been offered to the market in over 40 years and they appealed to investors, developers and owner-occupiers.

There were more than 35 enquiries and seven offers made

Me Moore said, "it came down to two very close bidders, with the private Queensland-based family-owned development company coming out on top, and they already have plans sitting with Council."

“The interested parties were attracted to the properties primarily because of the tightly-held Cleveland retail showroom and services precinct location," he said.

The buyer paid $4,260,000 for the assets.