Agents have been fielding serious inquiries from at least five potential buyers for a Mulgrave Road commercial site.
With national home goods company Godfreys anchoring the 304-308 Mulgrave Rd property, Burgess Rawson’s Glenn Conridge expects a swift sale at auction on June 20.
The business sold three other Cairns properties at their March portfolio auction for a combined value of $3.05 million.
The Mulgrave Rd site offers a net income of $225,774 per annum, fully leased and capitalises on Cairns’ reputation as the tourist mecca of Tropical North Queensland.
“The site’s highly visible location makes the most of the trade catchment that is circa 285,000 and further boosted by an annual holiday influx of two million visitors,” said Mr Conridge.
“The area is also expected to see notable residential growth with an additional 100,000 people forecast to come to Cairns over next 20 years,” he said.
The site spans 2020 sqm with on-site parking and the corner site is ideally located within a strong retail precinct on a busy arterial road with a 70m frontage.
Another 40m of the shop faces Lyons St.
The 866 sqm building area comprises two buildings with seven shops and tenancies with well established tenants including a cafe and patisserie, hairdresser and financial services provider.
Mr Conridge said the property also attracted a flow of traffic from the DFO Cairns centre across the road.
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Originally written by Alicia Nally, Cairns Post