Night markets giving buyer space to grow
THE chance to rejuvenate a Cairns tourism and business icon is expected to attract plenty of interest from investors.
Straddling Abbott St and the Esplanade, Cairns Night Markets owner Mark Stanley said the time had come to pursue other opportunities.
Mr Stanley has owned the complex, which offers 131 business spaces and attracts 2.7 million visitors annually, for 10 years trading as Reefchange Pty Ltd.
“It’s a good business, a stable business. We have had the same staff in place,” he said.
“For a larger company doing something else in the town, it would be an ideal addition for them.
“If you’re into hotels and other tourism businesses, it could be a good way of promoting other businesses.
“The food court has a lot of potential which hasn’t been used yet, and there could be an opportunity to expand into street food stalls.”
Knight Frank agent Matt Carless is selling the property and said the sale was a “rare opportunity for management professionals”.
“The Cairns Night Markets are unique compared to traditional management rights, with the main point of difference being the tenure of the agreement.
“The complex operates under the Building Units and Group Titles Act and mixed use development, not the normal Body Corporate and Community Management Act,” he said.
“The ownership and management structure is different to traditional body corporate management rights. This one has a lot of opportunities yet to be realised.
“Unlike holiday unit management, there are no latenight check-ins and it is flexible in terms of the time commitment required by the owners. Residential management rights require a lot more hands-on management, whereas the Cairns Night Markets is a business-to-business operation meaning the usual headaches aren’t as prevalent.
“This is an exceptional commercial complex, and an interesting, diverse entertainment and shopping venue.
“Interest in this opportunity is expected to be very strong.”