Sites ripe for picking Rare portfolio sale an investor’s dream
A “SMORGASBORD” of commercial investment properties have come on to the market in a rare portfolio sale.
Four titles are available on the corner of Buchan and Comport streets in Portsmith complete with leases from longstanding tenants Beaurepaires, Rewards Hospitality, Akzo Nobal, Svendsens and Northstar Truck and Marine.
CBRE managing director Danny Betros said prevailing low interest rates have been creating the perfect environment for investment.
“Commercial always offers higher returns than residential properties and they are particularly good for self-managed superannuation funds,” he said.
“The coming years will be a good time to come into commercial property but the rule is to always buy decent, quality buildings in the best position, which these properties all are.
“It’s rare to get this level of properties all at once. Buyers come from all over – locals and those from north Queensland. There are certainly a lot of inquiries coming from down south chasing better returns.”
Current commercial yields in Cairns are between 7 to 8 per cent, while properties in capital cities are reaping about 5 per cent.
Mr Betros said the buildings were about 10 years old, providing great depreciation benefits to new owners.
“The tenants are long established Cairns businesses, high profile, leaders in their markets. Most importantly the buildings are very functional and will suit anyone,” he said.
“Interested parties can buy one or buy all four.”
Also on CBRE’s books is “one of the most multifunctional warehouses in Portsmith”.
At 8 Owen Cl, the standalone building has seven roller doors on a 2000 sq m block across from Bunnings in a prime transport locality.
Mr Betros said the building had rarely been vacant in 30 years.
“It is so well designed and suits any industry. It is occupied by transport group Cairns Paper Deliveries until 2021.
“The 1000 sq m warehouse remains one of the better offerings currently in the market.”