Rare gem in prime street
City fringe offers plenty of opportunities
SET on separate titles the two buildings which make up Villa Shangri-La offer many options for buyers.
Those seeking hands-on involvement could take up the perfect opportunity as onsite owner-managers and reinstate the facility as holiday accommodation to increase the average room rate and generate additional cashflow. The property also could leverage off the tight supply for permanent rental options close to the CBD eliminating the requirement of onsite involvement.
Additionally, the asset provides scope to sell individual lots with one of the two buildings already strata titled. Colliers International agent Jay Beattie said 288 and 290 Sheridan St had two, three-level walk-up buildings.
The buildings have an identical layout, comprising six two-bedroom, onebathroom units and 12 onebedroom, one-bathroom, fully self-contained units.
“The complex has two inground swimming pools and is set in lush tropical gardens,” Mr Beattie said.
“It sits on a combined 2501 sqm tourist and residentialzoned footprint with frontage to busy Sheridan St with easy access to public transport, and walking distance to the Esplanade, Cairns International Tennis Centre and Tobruk Swimming Pool, restaurants and shopping conveniences.
“With Cairns experiencing tight vacancies and increasing demand across both tourism and permanent accommodation segments, this property offers astute and capable buyers a rare opportunity to secure a strategically-located city fringe apartment complex which has a long association within affordable holiday accommodation markets.
Properties for sale by expressions of interest, closing September 6, 4pm.