High rental lures investors
ALMOST $275,000 rental income a year is one of the major features of a prominent Cairns freehold commercial property holding to be auctioned next month.
The tenanted, high-cashflow property comprises 3808sq m over three titles with road frontage of 50m on Sheridan St and 40m on McLeod St.
Four individual freestanding buildings include eight separate commercial, retail and residential tenancies including Sheridan Gourmet Seafood, Club One Fitness, a strip of small retail outlets and a traditional Queenslander home.
The combined tenancies return $274,794 rent a year.
The properties are being marketed for sale in one line, although inquiries are also being taken on the three
individual lots.
They will be auctioned by Colliers International Cairns at the Cairns Sebel at 11 am on April 28.
Selling agent Jay Beattie said he expected national marketing to attract plenty of interest, given the property’s immediate income combined with the size, unsurpassed location and the long-term development opportunities.
“This property holding is extremely rare in that it is fully tenanted by a wide range of commercial, retail and residential tenants who combined pay almost $275,000 per annum,” he said.
“Such a large, immediate and diverse income stream will appeal to investors, particularly in the current market.
“Perhaps more importantly, though, is the long-term potential as a large commercially zoned future development site located only a few minutes drive from the heart of Cairns and which boasts exceptional frontage to two of Cairns’ busiest roads.
“This is definitely the property to consider for any prospective buyer seeking a long-term development site that also offers a strong established short-to-medium term income stream.
“Property holdings of this size, in such a fantastic location, are virtually unheard of in a city like Cairns and will become even scarcer in years to come.”
The properties are at 217 and 221 Sheridan St and 202 McLeod St. The 3808sq m total property holding is made up of three separate freehold titles of 2407sq m, 941sq m and 460sq m.
>> Contact Jay Beattie on 0428 551 062.
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Rare chance: This triple-titled fully tenanted property with access to Sheridan and McLeod streets will be auctioned next month.
