CBD shop and office site
A FULLY tenanted retail and office building listed for sale on McLeod St is perfectly poised to benefit from a CBD rejuvenation campaign.
Number 31 McLeod St is centrally located among a diverse mix of businesses including proximity to Cairns Central Shopping Centre, high profile motor groups, and other major leading retailers.
The site offers four shop fronts at about 70 sqm each on the ground floor and well-presented short-term accommoHelen
dation on the entire top floor.
Savvy investors are invited to seize a rare opportunity to acquire a mixed investment commercial property.
Crossley of Ray White Commercial, Cairns said another feature of the property was plenty of onsite parking and easement access to Water St.
“We think it would suit someone who wants to run a small business and (owns) a small business at the same time,” she said.
“Having said that, upstairs could also be turned into office space down the track if they wanted to.”
All four ground floor tenancies have been secured on long term leases meaning guaranteed income for the new incoming owners.
Current tenants include a disability care provider, a massage suite and hair salon.
“We have had some really good inquires, not from overseas but nationally,” she said.
In response to a Covid-driven exodus from the Cairns CBD in May, not-for-profit Renew Australia partnered with city landlords and Cairns Regional Council in a yearlong project where artists and businesses can occupy vacant space on a rolling 30-day lease free of charge.
Participants are responsible for their own utilities but don’t pay rent and are not tied into a six month lease.
Indemnity insurance is offered through Renew Australia to give landlords peace of mind.
The retail vacancy rate in the CBD currently sits between 35 per cent and 40 per cent and for office space the rate is 18 per cent.
Although the McLeod St building is fully tenanted Ms Crossley welcomed any move to increase visitation back into the Cairns CBD.
“For the tenants that are there that’s a good thing,” she said.
“The property is full tenanted and indicates a growing resurgence for commercial space in the CBD.
“This is a prized gem to add to your investment portfolio with the added advantage of self-managing the short term accommodation.”
Contact exclusive agent Helen Crossley for more information.
Price of the property is available through Ray White on application.