SOLD
Sold on 15 Mar 2024 for $2,500,000

302-308 Spence Street
Bungalow QLD 4870

Bedrooms: -
Bathrooms: -
Car spaces: -
Land area: 4702m2
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Property Details for 302-308 Spence St, Bungalow

Building Type
Commercial
Land Size
4702m2
Local Government
Cairns Regional
Lot/Plan
11/SP154580

Last Listing description (November 2023)

302-308 Spence Street is located approximately 900 metres from the Southern Arterial Road (Comport Street). The site is 4,702 sqm with an outstanding site coverage of less than 25%.

The property has been improved with a purpose built cold storage warehouse and office facility of approximately 873 sqm with further improvements (plant, generator shed, awnings) of 49 sqm. The steel portal structure which has a high a clearance roof lends itself to conversion for other uses if required.


Ground improvements include bitumen sealed concrete hardstand to the front of the building and to some extent at the rear. The building appears to have been constructed in or around 2003, with modern well presented office and amenities such as staff showers and change rooms. The rear of the site contains approximately 1,400 sqm. The FSR for the property is 45% allowing for significant future development potential, or up to 50 car spaces for staff.

* 873 sqm high clearance cold room
* Well presented facilities including office, change rooms and storage
* Access for B doubles
* Raised loading dock
* Additional 1,400 sqm hardstand at rear
* Leased to April 2025

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Knight Frank Cairns is an independently owned office within the Knight Frank global network, servicing Far North Queensland in all its commercial property requirements.

Knight Frank Cairns has been successfully operating for over 33 years and incorporates three departments into the one office; a vastly experienced Valuation department, a high-level Investment and Facilities Management division, and a Sales and Leasing department.

Knight Frank Cairns is able to provide a more accurate assessment of the local property market due to the combination of services which it offers, combined with the commitment of a team of highly professional, experienced staff who are supported by state-of-the-art research, technological and administrative resources.

Property History for 302-308 Spence St, Bungalow, QLD 4870

A timeline of how this property has performed in the market
Last Sold
$2,500,000
15 Mar 2024
Listed for Rent
$3.55k/w
07 Feb 2023
  • 15 Mar 2024
    Sold for $2,500,000
  • 24 Nov 2023
    Listed for Sale Contact Agent
  • 13 Apr 2022
    Listed for Rent - Price not available
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About Bungalow 4870

The size of Bungalow is approximately 2.2 square kilometres. It has 3 parks covering nearly 1.9% of total area. The population of Bungalow in 2011 was 2,164 people. By 2016 the population was 2,159 showing a population decline of 0.2% in the area during that time. The predominant age group in Bungalow is 20-29 years. Households in Bungalow are primarily childless couples and are likely to be repaying $1400 - $1799 per month on mortgage repayments. In general, people in Bungalow work in a trades occupation. In 2011, 35.1% of the homes in Bungalow were owner-occupied compared with 34.7% in 2016.

Bungalow has 1,948 properties. Over the last 5 years, Houses in Bungalow have seen a 55.86% increase in median value, while Units have seen a 51.99% increase. As at 31 October 2024:

  • The median value for Houses in Bungalow is $517,489 while the median value for Units is $307,199.
  • Houses have a median rent of $463 while Units have a median rent of $390.
There are currently 19 properties listed for sale, and 8 properties listed for rent in Bungalow on OnTheHouse. According to CoreLogic's data, 86 properties were sold in the past 12 months in Bungalow.

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Disclaimer
Whilst all reasonable effort is made to ensure the information in this publication is current, CoreLogic does not warrant the accuracy or completeness of the data and information contained in this publication and to the full extent not prohibited by law excludes all for any loss or damage arising in connection with the data and information contained in this publication.