A brand-new, multi-tenanted large-format retail centre in the thriving Brisbane suburb of Cleveland has successfully sold for $10,650,000 reflecting a yield of 5.55%.

Located at 47 Shore Street West, the modern retail asset, completed in 2024, boasts a premium 2,018-square-metre state-of-the-art building on a site of 4,617 square metres. Fully leased for $591,426 per annum, the property is home to a highly sought-after mix of national and international tenants, including mycar, The Salvation Army, and Lifeline. 

Burgess Rawson facilitated the sale through a National Expressions of Interest campaign, led by Yosh Mendis, Josh Scapolan and Andrew Havig.  

Mr Mendis said the property’s appeal was underpinned by long-term lease security up to 10 years plus options, landlord-favourable terms, and strong fixed rental growth of 3.5% per annum, ensuring long term compounding income growth for the purchaser.  

“The property saw strong interest and competition from investors across Australia eventually selling to an interstate investor looking to diversify their existing investment portfolio.” 

Mr Mendis said the transaction underscores the increasing demand for high-quality large format retail investments in prime metropolitan locations. "Assets of this calibre underpinned by strong underlying land value, high replacement cost fundamentals, strong depreciation benefits and long-term lease security, continue to generate strong interest from investors nationally looking for stability and growth." 

Mr Scapolan noted that the sale reflected the continued strength of the Metro Brisbane market and broader investor confidence in Queensland’s commercial property sector.  "Investors nationally were attracted to the asset’s strategic location and complementary tenancy mix which made it an unpassable opportunity. The property benefits from a prime main road position with 80 metres of frontage to Shore Street West, Cleveland’s main road that carries 193,000 vehicles weekly.”

Hamilton Byrne - General Manager, Loney Bell Capital said, “We are pleased to announce the successful sale of our latest commercial development. With its modern design, strong covenant, and high-quality tenants, the asset stands out as a quality offering. We would also like to acknowledge the professionalism and expertise of Yosh Mendis and the Burgess Rawson team throughout the sale process.” 

Located in the thriving Redland City Council area, the retail centre benefits from a dynamic local economy, with a gross regional product of $7.38 billion and a growing population projected to reach 185,000 by 2035.

Cleveland’s median house price has surged outpacing the state average by over 40%, highlighting the area’s economic growth and desirability.