A riverfront property that’s home to a long-standing cafe as well as two attached residential units is on the market.
The 506sqm site at 267 Bradman Avenue, Maroochydore, close to the Sunshine Motorway bridge, is home to the popular Flume by the River.
Your Property Co director Shannon Beavis said the mixed-use investment opportunity was rarely seen in the area.
“It’s one of only a few blocks that have the residential-commercial zoning on Bradman Avenue – all the rest are just straight residential,” he said.
He said the combination of income streams, paired with the river frontage and potential future redevelopment possibilities, created a unique proposition.
“The mix of that residential and commercial income aspect is its best point, and then your unblocked waterfront view and potential development down the track, and its income of course, is great for investors,” he said.
Mr Beavis estimates the building dates back to the early 1970s.
He said it was one of only a handful sites along Bradman Avenue with the zoning, which he believed had come about because of its long history as a business.
“There are about five blocks that I know of that are residential-commercial zoned along there,” he said.
“It’s just weird that we haven’t had that along Bradman Avenue. It’s been council zoning from the past and so there’s only those few blocks.”
Interest has been strong since the campaign launched.
“We took it to tender in the first three weeks and had about 60-odd inquiries,” Mr Beavis said.
He said Flume was the only waterfront dining option on Bradman Avenue.
“They’ve just signed the five-year option to their lease, so they’re happy to stay on,” he said.
“It’s kind of like a risk-free investment from an investor perspective.
“It’s always been a cafe or a restaurant, and it’s always been successful.”
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The two residential units sit at the rear of the property, with a two-bedroom apartment on the ground floor and a three-bedroom one above.
“The back has always served its purpose to house the owner of the cafe and the one above has been a holiday place or owner-occupied,” Mr Beavis said.
The upper unit is fully renovated and has views across the river, while the two-bedroom unit is currently leased on a permanent basis.
Beavis said the site held long-term redevelopment potential.
“It’s got potential for redevelopment, knowing that you’ve got the ability to put commercial on the ground and then residential up top,” he said.
The property is listed for $2.5 million.
Mr Beavis said some buyers had also expressed interest in taking over the cafe, which he said could be possible at the right price.
