Island main street appeal
TI site ticks boxes for investment appeal
FOR the second time in a week, opportunities for investments in commercial property in the Torres Strait have become available.
At 40 Douglas St, Thursday Island a mixed use freehold site will go to auction on September 26.
“By definition, an island will typically have a tight supply of land. In the case of Thursday Island, you have a strong government base, a large local population and growth continuing to drive demand and the benefit of a 414 sqm developed lot within the bounds of that tight supply,” Colliers International (Cairns) agent Jay Beattie said.
“This is a rare commercial offering that not only provides an ocean aspect, the property is located on the main street of the Thursday Island business district.
“Improved with two detached buildings, the front of the block features a commercial office with shop front with an attached two-bedroom residential flat.
“Meanwhile the rear offers a highset duplex providing two further separate residences.”
The entire property is fully leased generating income in excess of $62,000 per year.
Periodic leases mean the new owner has the benefit of both an existing income and the flexibility of extending the leases on their own terms.
“As an investor, you are looking for a property that offers strong cash flow, is in a high demand area and is difficult to replace. 40 Douglas Street ticks all those boxes,” Mr Beattie said.
The auction is scheduled to be held at the Pullman Cairns International, 17 Abbott Street, Cairns.
Bidding by phone is available with prior registration.
However arrangements must be made no later than 24 hours prior to auction. Inspections of the property can be arranged through the marketing agent however inspections are strictly by appointment. Phone Mr Beattie on 0428 551 062.