‘Trophy site’ up for grabs
THE skyscape of the Cairns CBD could change with the sale of one of the city’s most iconic retail buildings.
The landmark Katies Centre, one of the few remaining single-level multi-trader retail buildings, on the corner of Shiilds and Abbott streets is on the market.
Veteran CBD investor Kay Fisher has owned the site for more than 30 years and is selling Katies Centre before her 90th birthday.
Originally anchored by iconic women’s fashion retailer Katies, the property has evolved over the years to now provide a mix of tenancies catering to specialist retail and tourism.
“This is definitely a trophy site located on one of the most high-profile corners,” says Colliers International (Cairns) managing director Stacey Quaid. “There is good development potential in the site, it is possible to go high-rise at the site. Or, more basically, you could do a renovation.”
Positioned on an 1100 sqm freehold parcel, the building which is constructed to three of the four boundaries is divided into nine tenancies ranging in size from 45sq m to 219sq m providing a gross building area of approximately 1010sq m. Planning regulations provide a wide range of code assessable high-rise development options including retail, office, accommodation or a combination of each.
“We believe the full value in the site will be unlocked with its redevelopment either by refurbishment to maximise on the incredible amount of passing traffic or by its total redevelopment to transform it into a major retail, commercial or accommodation tower or combination,” said joint marketing agent Jay Beattie.
“For redevelopment, the Katies Centre is being sold at an opportune time with several month-to-month and maturing lease terms converging to ensure flexibility to the incoming purchase.
“While more than 80 per cent occupied and generating immediate and substantial cashflow, it is envisioned that there is a higher income potential through refurbishment and repositioning of the centre or potentially through a full redevelopment including multilevel or high-rise.
The Katies Centre freehold is offered for sale by expressions of interest which close at 4pm on December 5.
For further details contact Mr Quaid on 0418 773 258 or Mr Beattie on 0428 551 062.