Cairns Square is centre of attention ahead of Juniper sale
THE $60 million Cairns Square retail and commercial property in the heart of Cairns is being sold by the troubled Juniper Group.
On the market as well are the company's ground floor retail/commercial components of their Saltwater and Coconut Grove properties at Port Douglas.
The embattled property company is selling its $100 million commercial and retail portfolio in a bid to return to its core position of real estate development.
A spokesman said the directors had decided to take their retail portfolio to the market. This included 14 properties at Mooloolaba as well as in Cairns and at Port Douglas.
This follows receiver PricewaterhouseCoopers being appointed to the Juniper Group's 288-apartment Soul Tower on the Gold Coast last month.
The company is already set to receive about $7 million from the sale of its Sea Temple Golf and Country Club at Port Douglas to billionaire Clive Palmer, who now owns four golf courses.
CBRE Cairns managing director Danny Betros said Cairns Square was the best retail and office building in the central business district. "It's the nicest building in the CBD. Juniper have done a fantastic job," he said.
"It's in good condition, in a good position and has good tenants."
National brands in the four level building include Rush, Lorna Jane, Quiksilver, Roxy, Pie Face, Wicked Travel, Europcar and Hertz.
Mr Betros said most of the commercial office space was full and included InterOil Corporation's headquarters, Cairns Square Dental, Suters PGD Architects, Legal Aid Queensland and Blue Sky Brewery.
He said the food court would be closed and turned into retail space.
Both Saltwater and Coconut Grove are in the main street of Port Douglas, Macrossan St, with Saltwater featuring a restaurant, an orthodontist, a jeweller and a body corporate as tenants. Coconut Grove includes Witchery and Rivers retail outlets.
"All three properties are absolutely A1," Mr Betros said.
Mr Betros said a national campaign would start today and a list of potential buyers was being drawn up.
Juniper bought the arcade and two levels of office space on the 6300sq m site for $21 million in 2004.
At the time joint managing director Shaun Juniper said the development would transform the former 1970s-style Tropical Arcade building into a contemporary, urban shopping destination over four levels.
It includes 30 shops, the defunct food court and 4671sq m of office space.
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Prime spot: Cairns Square in the heart of the CBD and Saltwater and Coconut Grove at Port Douglas are being sold by the troubled Juniper Group.