An investment to bank on

A COMMERCIAL fixture of the Cairns CBD is for sale.

The building housing the main branch of the Commonwealth Bank, which has been at 76 Lake St for 30 years, is for sale by expressions of interest, closing on Wednesday, April 8.

The 1012 sqm site is 100 per cent developed with a highquality two-level building having a net lettable area of 1421 sqm. The bank occupies the whole of the ground floor of 797 sqm and has a lease until September 2024, with two fiveyear options.

“This is a passive investment,” CBRE Real Estate’s Danny Betros said.

“The bank is going to be there at least for another four, four and a half years.

“This is really rock solid, a very much sought after triple

A-grade investment. You don’t get much better tenants that CBA.”

Both the retail and commercial main branches are on the ground floor.

The first floor has undergone a massive refurbishment and has been divided into smaller office areas of sizes ranging from 55 sqm to 194 sqm.

The first floor is currently partially occupied with 54 per cent leased and 288 sqm divided into three suites that are still yet to be leased.

Entry via lift and stair access is direct from the street front footpath and is close both to off-street parking and a short walk to parking stations.

The property returns a net income of about $400,000 and presents very well, Mr Betros said.

“The building is a real landmark position in the CBD,” he said.

“The CBA maintains the highest foot traffic of all banks and has multiple ATMs at the front in a secured area,” Mr Betros said.

“The property was last sold 11 years ago by the original developers of the property.”

Mr Betros said the response from potential investors had been very positive.

“I have had 15 inquiries so far,” Mr Betros said.

He said the current coronavirus crisis made investment into the site an attractive option for those looking for a stable alternative to stocks.

“People have been putting a lot of money in the bank, they are looking to put their money in and get a higher return,” Mr Betros said.

“It is a very attractive investment.”

CBD LOCATION: The CBA building on Lake Street is for sale, with the bank occupying the ground floor for a few more years at least, and several office areas partially occupied upstairs.