Opportunity beckons for buyer on landmark L-shaped frontage CBD lot goes to market
Double your chances in tenancies
MYRIAD development options have been flagged for a prominent Cairns CBD site.
For the first time in decades, the 1392sq m “L-shaped” property fronting 25 Spence St and 33 Lake St has been taken to the market.
“The most important thing we see about this site is its volume,” selling agent Stacey Quaid of Colliers International Cairns said.
“At the moment we’ve got a single-level property here ... we see it as an opportunity for someone to pick up the site now and land bank it for future use, while taking advantage of its existing cashflow.
“The alternative is refurbishment, particularly of this Spence St side, which needs one to bring it back into commercial use.”
He said the Lake St side of the building received “consistent income” from a diverse range of tenants.
“The other thing that’s of interest is that properties surrounding it have, potentially, been part of a development plan in the past,” Mr Quaid said.
“This could be the start of a major development of this area. What we’re seeing in the TWO tenancies are available in the heart of Cairns CBD.
Shops 17 and 18 of the highprofile Cairns Square precinct have been described as being in “excellent condition”.
At 96sq m and 67sq m respectively, they both front Shields St and are just metres from the Esplanade.
Leasing agent Graeme Halsey, market is a good appetite for residential sites.
“We’re starting to see people revisit those markets because of the tourism upsurge.
“But obviously, because of where it’s located you can see a lot of ground for retail as well.”
The property is currently owned by renowned Cairns business identity Kay Fisher.
“With significant major developments occurring in several CBD precincts, this is a rare opportunity to secure a prominent site with strong visibility and fantastic exposure to passing traffic,” Mr Quaid said.
His colleague Karen Stabile was also excited about the site’s development prospects.
“I can’t wait to see what transpires when this area gets beautified,” she said.
Expressions of interest close at 4pm on Tuesday, July 25.
THIS COULD BE THE START OF A MAJOR DEVELOPMENT OF THIS AREA.
For a copy of the Information Memorandum call Stacey Quaid on 0418 773 258 or Karen Stabile on 0412 626 397. of CBRE Cairns, said the area enjoyed “incredible foot traffic”.
“This highly visible location will be ideal for any tourist related retail or fast-food franchise,” he said.
“Operators can benefit from the existing fitout, saving thousands of dollars on set up costs.
“Both shops present in immaculate condition and, given their positions, could easily become flagship stores for the right operators.
“This is a proven location that is recognised as being one of the highest spending spots in Cairns.”