Mixed-use property sells for $705,000 at auction at Tin Can Bay

SIX registered bidders battled it out as a mixed-use residential and café property in Tin Can Bay, that opened with a bid $500,000, eventually sold for $705,000 at 152 Toolara Road.

The asset, that had a 669sq m* building area and 1,873sq m* land area, successfully went under the hammer at Breakfree Grand Pacific Resort in Caloundra.

The property was marketed and sold by Ray White Commercial Caloundra and Sunshine Coast South agent and auctioneer Thomas Garland.

Mr Garland said it was an active campaign throughout and he received plenty of enquiries from a variety of interested buyers.

“There was a real buzz around the auction with a crowd of more than 100 turning up and it lived up to the billing, with 16 bids in total, and the lucky winning bidder was a local resident,” he said.

“This place is a real gem. It has a three-bedroom home as the residence above and a commercial café below, both of which are leased by the café tenants until 2021.

“But the income production doesn’t end there with four, two-bedroom flats with long-term tenants, behind the shopfront.

“The residence, commercial café and the block of four units produce a gross yearly income of $74,790*.

“The buildings are on a massive 1,873sq m* waterfront lot and offers direct access to the Fraser Coast waterways and has the possibility of further investment opportunities.

“The Gympie Shire Council has previously granted development application approval for another six units to be built on the property, issued under the Integrated Planning Act.

“All this combined made for arguably the best lifestyle and income opportunity in 2019.”

*Approximately.