Corner site up for grabs
IN the sought-after suburb of Edge Hill, close to the CBD fringe of Cairns, a row of prime commercial premises have just come to market.
Ray White Commercial Cairns agent Scott Green said 120 Collins Ave, home to 10/120 Cafe and Linga Longa was a quality asset with a “history of solid occupation”.
The suburban shopping complex has a prime corner position, is a lower risk asset and is near major tourist attraction Cairns Botanic Gardens and is for sale for $2.5 million by private treaty.
“The property sits on a prominent corner site with a land area of 1228 sqm. The single-level suburban strip retail building has a gross floor area of 548 sqm and 16 sqm of car parks,” Mr Green said.
“Improvements on the site include a single level masonry block retail/commercial building providing both ground floor retail and office accommodation.
“The general construction consists of concrete flooring and foundations, masonry block walls, steel framed roof, aluminium framed glass windows, internal plasterboard walls, suspended grid ceiling and ceramic tile wet areas.
“Other features include male and female toilets.
“It’s currently leased to five tenants but the building was originally designed for 10 smaller retail shops or boutique offices.
“With two of the larger leases due to expire in 2020, it would be an opportunity for the new owners to create smaller tenancies and improve the property’s rental yield.
“The current owners, prior to deciding to sell, had preliminary designs prepared to renovate the building and create a high end retail offering.
“The concept they were considering would greatly improve the property’s overall appeal and gross rental.”
Professionals Edge Hill has been a tenant at the site for more than 20 years.
The building owners have taken over the lease of Shop 5 for the purposes of the sale but will be actively seeking a new tenant.
Shop 6 has been leased to a national engineering firm and the offices were fully refurbished by the current owners while Linga Longa restaurant takes up three shopfronts and has also been part of the complex for more than 20 years.
Mr Green said the current restaurant owners wanted to sell the business and the lease expires in November 2020.