Mulgrave Rd cash splash Corner retail site fetches $2m
Storage yard has loads of potential
A TABLELANDS investor has bought the high-yielding Cairns retail corner at 304-308 Mulgrave Rd for more than $2 million.
Burgess Rawson selling agent Glenn Conridge said the prominent location and strong tenant anchoring the 2020 sqm site – national home goods supplier Godfreys – meant the property was “ideally positioned to capitalise on Cairns’ status as the tourist mecca of Tropical North Queensland”.
He said the Cairns market continued to top LEASE all or part of a block at 5 Hollingsworth St, Portsmith.
At $20 per square metre, just name the space requirements and the property with storage yard and a small shed could be available as soon as practicable.
Go Commercial agent Stuart commercial property investors’ wish lists.
“The asset is ideally located within a strong retail precinct on a busy arterial road, making it a highly attractive buy for the new owner, who is set to benefit from a net income of $225,774pa plus GST fully leased,” Mr Conridge said.
“With a 70m frontage to busy Mulgrave Rd and an additional 40m on Lyons Rd, the site’s highly visible location will benefit from the circa-285,000 trade catchment, further boosted by an annual holiday influx of two million visitors.
“This area also sees major residential growth – Carr said the secure and affordable storage yard had allweather access and was suitable for long and short-term leasing.
“The owner is happy to lease all or part of the land,” Mr Carr said.
“The site area is 2007sq m an additional 100,000 people are anticipated to flock to the Sunny State city over the next 20 years, positioning all Cairns commercial assets as hot property.”
The 866 sqm building area comprises two buildings with seven shops and tenancies, including wellestablished tenants including a cafe and patisserie, hairdresser and financial services provider.
This sale follows a string of strong Cairns investment purchases at Burgess Rawson’s March portfolio auction at which three local properties sold under the hammer for a combined value of $3.05 million. and there are generous leasing incentives.” Contact Stuart Carr on 4054 3888 or 0408 066 517 or stuart.carr@ gocommecial.net.au for further information. Alternatively you can contact Jorian Cunliffe on 0415 828 522 or email jorian. cunliffe@gocommecial.net.au