Legacy block hits market
Sale helps fund future support projects
Legacy Club of Cairns will sell its unit complex in Rowe and Barr streets, Earlville to fund future projects.
Treasurer David Smith said the sale would mean a “much better use of resources, benefiting all beneficiaries of Cairns Legacy for many years to come in terms of its support programs throughout Far North Queensland”.
Cairns Legacy built the complex and has maintained the 18 fully self-contained units for more than 20 years and will help resettle residents and their families into suitable alternative accommodation over the next two years.
Cairns Legacy will lease the building after sale until 2020.
“Currently there are 636 widows plus juniors and families that receive the best ongoing care and support that Cairns Legacy can provide throughout the Far North Queensland Region,” Mr Smith said.
Colliers International agent Jay Beattie has called for expressions of interest in the property.
The complex is 4km southwest of the Cairns CBD and will offer the buyer an immediate income with prospects for redevelopment.
“This property offers the astute investor the rare opportunity to secure a fully tenanted complex with immediate income security,” Mr Beattie said.
“As a medium density zoned planning property, it has the future potential to be redeveloped into a four storey complex with upwards of 30 twobedroom units.
“This property will appeal to conventional private and syndicate investors due to the strong institutional two-year lease, as well as no ongoing body corporate, capital or management costs.
“The overall package also provides significant medium to longer term redevelopment options, adding to the overall appeal and security of the investment.”
The complex was developed over two stages each with its own title on a combined area of 2496 sqm.
It is close to Stockland Shopping Centre and the recently developed Barr Street Markets medical complex and is also in proximity to schools, public transport, government services, parks and sporting facilities.
The property at 25-27 Rowe St, Earlville is for sale by expression of interest closing 4pm on April 26. Interested parties are invited to contact Mr Beattie on 0428 551 062 for a detailed Information Memorandum on the property.