A SMITHFIELD commercial property has been the standout performer at an interstate auction featuring four northern Queensland properties.
Smithfield’s Bridgestone Select property at 38 Mount Milman Dr sold for $1.6 million, 6.21 per cent more than its previous sale at Burgess Rawson’s Flagship March portfolio auction in Melbourne last week.
Similar auctions in Sydney netted $620,000 for the Mt Sheridan Liquorland store at 29-31 Hardy Rd, $830,000 for the Trinity Beach Ray White site at Rabaul St and, further south, Cannonvale Fairburn Bakery was sold for $493,000.
The sale prices represented between 6-8 per cent rises in the value of the properties.
Burgess Rawson sales executive Jamie Dewe said Cairns’ commercial property market was set to boom, with major residential growth forecast over the coming years.
“Cairns’ existing strong residential population of 285,000 is set for further residential growth, with over 100,000 residents forecast to flock to the North Queensland hot spot over the next 20 years,” he said. “As the international gateway to two of the world’s great natural wonders – the Great Barrier Reef and World Heritage Listed Wet Tropics Rainforest – Cairns is also a globally renowned tourism hot spot attracting over 5400 direct international flights annually.
“These three properties present truly rare and unique opportunities to take advantage of Cairns’ existing tourism and growing residential markets, with the single tenant investments requiring minimal management.”
The Mount Sheridan retail site’s secure 15-year lease with fixed 4 per cent annual rental increases and options extending to 2031 presented a secure investment for the new owners.
The prominent corner site provides a net income of $36,945 per annum plus GST. The Ray White property, with a secure five-year lease with options extending to 2027, mean the agent is set to reap the benefits of the area’s major residential growth.
The well-positioned Trinity Beach convenience centre has hosted the tenant for more than 14 years, cementing the property as an easily managed investment gem.
The Smithfield Bridgestone Select site, on a 1184sq m corner site with 55m dual street frontage and a modern combined office and workshop building, is leased until 2023 with options extending to 2028.
To find out more about the properties in our portfolio, and how we can help you with sales, leasing and property management services, please contact us.
Originally written by Alicia Nally, Cairns Post