Rare chance to take tightly held corner
A PROMINENT commercial corner at the five ways on Mulgrave Road has hit the market for the first time in half a century.
The corner – 65 Mulgrave Rd – comprises three freehold titles encompassing a land area of 2416sq m.
The site, exposed to steady daily traffic, is anchored by national tenant, Beaumont Australia Pty Ltd.
“This is an exciting investment opportunity to acquire one of Cairns most tightly held
Three freehold titles
2416sq m
Property includes Beaumont Tiles showroom, which has signed a 5 +5 +5 year lease
Corner car yard and warehouse is occupied by Platinum Car Sales, which corners with strong passing income and development upside,” Cairns commercial property agent Laura Ots said.
“It is perfect for both passive investors or those looking to further develop.” signed a lease in 2019.
Property earnings: $254,367 gross.
Suitable for passive investors or those looking to develop
Close to Cairns Central Shopping Centre, Officeworks and Super Amart.
She said more than half the site was leased to Beaumont Tiles, encompassing a showroom facing Mulgrave Rd and two larger warehouses facing Draper St.
The property has massive frontages onto both streets.
Beaumont recently signed a new 5 + 5 + 5 year lease, which also offers a redevelopment clause over one of its warehouse areas.
The corner car yard and adjoining warehouse is occupied by Platinum Car Sales with a new lease signed last year.
“This is the first time 65 Mulgrave Rd has been offered for sale in 50 years,” Ms Ots said.
“It is superbly located close to Cairns Central Shopping Centre, Officeworks and Super Amart.”
She said the property earned a gross passing income of $254,367 per annum, as estimated in July last year.
“This is an opportunity not to be missed,” Ms Ots said.
Paramatta Park is dominated by independent youth and earners of growing maturity, accounting for 27.6 per cent and 22.9 per cent of residents respectively.
Elderly singles make up 12.6 per cent.
The property is for sale by formal offer, with a closing date of Wednesday, April 8.