Haven for investment
THE Far North has become a “haven” for southern property investors with the sale of one of Innisfail’s most prominent buildings.
The Commonwealth Bank and Member for Kennedy Bob Katter’s office recently sold for $1.7 million.
The building, which was purpose-built for the current tenant, is on the corner of Edith and Owen streets, one of the Cassowary Coast city’s busiest and high-profile corners.
“With the uncertainties in the current economic climate, we are finding the north to be a safe haven for savvy southern and local investors as we are experiencing continuing success with other well positioned properties in the region,” Colliers International marketing agent Charlie Torrisi said.
The property was passed in at auction, but went under contract for $1.7 million in July and settled last week. Spanning 500sq m over two floors and on 1264sq m of freehold land, a passing income of more than $185,000pa, there is still potential for further income with a lettable area still available on the first floor.
Colliers International Cairns has other notable sales in the region, including a gateway site at the entrance of Innisfail on Palmerston Drive, the former Shell service station on the Bruce Highway in Innisfail and the former BP service station at Tully on more than 9000sqm. All properties had unconditional contracts with settlements due over the next few months.
“Significant leasing deals have also been transacted including a 500sqm tenancy at 180 Edith St and the longstanding vacant backpackers accommodation “Codge Lodge” on Rankin St, which is now back up and running,” Mr Torrisi said. “With the linking and uniting of neighbouring regional areas by the planned and already commenced upgrade to Cairns southern and northern corridors, which shows the need for infrastructure expansion upgrades, we would expect confidence and activity to continue growing in the north.
“As Cairns expands south, the Cassowary Coast and in particular Innisfail is becoming a commercial hotspot with great opportunities becoming available. I expect further opportunities to eventuate to those savvy investors looking for great opportunities.”
Charlie Torrisi can be contacted on 0408 006 123