Brothers show faith in the city

THE Esplanade is one of the most sought-after places to live in Cairns.

Having an apartment with spectacular views of Trinity Bay (even at low tide), looking across to East Trinity and the rainforest covered mountains, right on the city’s premier waterfront, is gold.

They are tightly held. There are few for sale. About 14 are currently listed on realestate.com.au, ranging from $300,000 to nearly $800,000 each.

There are almost no vacant or redevelopment sites available on the Esplanade.

Developers have not been building units and apartments in Cairns because of the poor return on investment.

Existing stock is selling for close to what it costs to build new.

So a plan by Deeb brothers John and Michael to go up-market and build high-end products should appeal and make a nice return with the right quality materials, design and marketing campaign.

The Esplanade is the drawcard with the proximity to all the delights of the strip, such as restaurants and bars, all within walking distance.

The brothers have lodged a development application seeking Cairns Regional Council approval but there is no timeline.

The 22 apartments, including four-bedroom penthouses, are described as “high-end” and the project includes an infinity pool.

The only other apartment projects of note are Nova City, much further back from the waterfront and which has yet to start, and Crystalbrook’s Bailey, including 110 apartments.

The Deeb development, which no doubt will cost in excess of $10 million, is a sign of confidence in Cairns by two businessmen who have strong ties to the region. Nick Dalton Deputy editor