194 Spence Street, Bungalow QLD 4870

High-Yield Mixed-Use Investment with Strong Upside in Prime CBD Fringe Location Ray White Cairns proudly presents an outstanding opportunity to secure a versatile freehold property in a highly strategic location just minutes from the Cairns CBD. Zoned Low Impact Industry, this substantial mixed-use asset offers immediate income together with significant future growth potential. Set on a generous 881m² allotment, the property comprises a well-balanced combination of residential and commercial space, making it ideal for investors seeking diversified income or owner-occupiers looking to operate a business while benefiting from additional rental returns. The first floor features two spacious three-bedroom apartments, each approximately 93m², complete with kitchen and open-plan living areas. The residential component is currently returning approximately $49,000 per annum, providing a secure income stream. On the ground floor are two commercial tenancies totalling approximately 200m², currently vacant and ready for occupation or leasing. With potential rental rates of $250-$300 per square metre per annum, the commercial component presents excellent upside for the incoming purchaser. With a total building area of approximately 400m², separate metering for each tenancy and solar power installed, the property is well configured for long-term investment performance. The fully fenced block offers excellent street presence, ample off-street parking and secure undercover parking at the rear via convenient side access. The rear section of the property also provides future development potential, with scope for additional buildings, storage or expanded parking facilities (subject to council approval). Investment Highlights Low Impact Industry zoning 881m² landholding Approx. 400m² total building area Two 3-bedroom residential apartments (approx. 93m² each) Residential income approx. $49,000 per annum Two ground floor commercial tenancies ready to lease Estimated commercial rental potential $250-$300/m² Separate power meters Solar power installed Secure fenced site Excellent street frontage Off-street and undercover parking Rear development potential (STCA) Minutes to Cairns CBD Properties combining strong income, development potential and flexible zoning in this location are rarely offered to the market. This is a prime opportunity for investors or owner-occupiers to secure a strategic asset in one of Cairns' most accessible commercial corridors. Contact Brad Davidson or Luke Bantoft- Ray White Cairns today to arrange an inspection or request further information.