Hammer time for high-profile sites
Two quality opportunities for occupiers and investors
TWO prominent Cairns commercial buildings will go under the hammer next week.
The large two-storey complex at 138-142 Spence St, Parramatta Park, has been described as an “A-grade building”.
Set on 1116sq m and with more than 20 car parks, the CBD-fringe property accommodates “blue-chip tenants”, including Flanagan Consulting Group.
The total office space comes to 736sq m, with net returns surpassing $235,800 per year.
“Pat Flanagan is the original owner and had the substantial building purpose built,” said selling agent Ray Murphy of RE/MAX Cairns.
“Moving forward, Flanagan Consulting Group will occupy the top floor on a five-year lease, with the Catholic Church on the ground floor.”
Another high-profile commercial building, 1-3 Faculty Cl, Smithfield, is also going to auction on Monday.
Under instructions by BDO North Queensland, Mr Murphy said the property “will be sold”.
“The reserve will be set and given to the auctioneer just prior to the auction,” he said.
“Prior experience with similar sales will show that the reserve will be very competitive.”
Mr Murphy said the two properties would appeal to a “wide array” of buyers.
“Faculty Cl has been strong with multiple potential uses for the occupier and investor,” he said.
“The position near the James Cook University and at the Campus Shopping Centre has been a massive draw for the potential buyers.
“Spence St, however, purely for the investor. is
“Far better than leaving your money in the bank, this investment could return the lucky buyer a very good net return.”
The two properties are going under the hammer at the “Whitfield Chapel”, 47 Heavey Cr, from 11am on July 10.
“It is very rare that such properties come onto the market,” said RE/MAX Cairns principal Tony Williamson.
“This auction will be a good test of the Cairns commercial property market.”