A Tablelands investor has bought the high-yielding Cairns retail corner at 304-308 Mulgrave Road for more than $2 million.
Strong interest came through both Queensland and Victoria offices, with Brisbane’s Glenn Conridge saying 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 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.
Burgess Rawson Melbourne’s Billy Holderhead also commented on the sale.
“With a 70m frontage to busy Mulgrave Road and an additional 40m on Lyons Road, 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 – 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.” said Mr Holderhead.
The 866 sqm building area comprises two buildings with seven shops and tenancies, including well established 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.
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Originally written by Alicia Nally, Cairns Post