MASTER STROKE
Huge site open to interest
A GIANT Cairns City industrial site, formerly the home of doomed home improvement chain Masters, is being taken to the market.
The 2.78ha property at 161 Draper St is offered for sale or lease.
A large-scale expression of interest campaign, undertaken by Cushman and Wakefield, closed on August 10.
When contacted by the Cairns Post, a Cushman and Wakefield agent could not comment on the sale process, but said more information would be known over coming weeks.
The property has sat vacant since Woolworths pulled the pin on its Masters brand last year, citing the home improvement business as being unprofitable.
The Cairns site is being spruiked by Cushman and Wakefield as an “outstanding opportunity to purchase a high-quality, near-new … fully airconditioned building”.
“The high-profile site offers excellent access and visibility and is positioned among major retailers including Anaconda and Bunnings Warehouse within Cairns City, the principal centre of Far North Queensland,” the marketing campaign says.
Zoned for mixed use, the site features more than 320 car parks and a high-clearance warehouse with polished timber floors.
There is a total floor space of 12,594sq m.
It comes amid strong nationwide demand for commercial property.
A publication by Cromwell Funds Management, The 2017 Australian Commercial Property Outlook, described the investment market for “largeformat retail” centres as buoyant.
“However, the surge in consumer spending is now past and activity is at more moderate levels,” it says.
“This comes at a time when supply of centres is likely to surge after seven weak years.
“Reconfiguration of exMasters stores into centres could add up to 700,000 square metres of ‘new’ centre floorspace.
“Smaller existing centres and strip shopping locations are likely to be the main losers to the ‘new’ ex-Masters centres.
“Larger, dominant centres are unlikely to suffer as much.”
RECONFIGURATION OF EX-MASTERS STORES INTO CENTRES COULD ADD UP TO 700,000 SQUARE METRES OF ‘NEW’ CENTRE FLOORSPACE AUSTRALIAN COMMERCIAL PROPERTY OUTLOOK