Cleveland is located on the western shores of Moreton Bay and is approximately 25 kilometres from Brisbane within the local government area of Redland City. This location is home to a large sub-regional shopping centre as well as a high volume of original strip retail shopping, strata office properties and industrial assets servicing both the private investor and local owner-occupier market. Benefitting this location is the Cleveland railway station which services the Queensland rail city network, while the road network caters to the local population and industry as well as connects to Gold Coast and Brisbane CBD’s. Over the 2016/2017 financial year, close to half of all transactions were retail; while this included a larger centre sale, this highlights the demand across this improving asset class.
There has been a growing interest in retail assets in this location for both freehold and strata premises. A pick up in occupancy levels has been witnessed by local investors who are now showing greater interest in these assets. Previously high vacancies had deterred many buyers, with occupiers opting for space within the small local convenience retail centres. There has been a move to more service industries taking space in these retail strips as accessibility has become increasingly important. As a result, investment into commercial premises in particularly upper level strata office space has been stagnant, with vacancies also showing some rise.