Cairns City Office Works site changes hands

The home of Officeworks in Cairns City has sold to a North Queensland property investor for $7.45 million. 

Officeworks has tenanted the 4,695sqm, 13-15 Water Street site for 20 years but will relocate to larger new premises on Spence Street at the end of their lease, in two years' time. 

CBRE’s Danny Betros and Jay Beattie managed the sale via an Expression of Interest campaign that gained interest from owner-occupiers and investors. 

“The building and property are in a brilliant location in Cairns City, with high exposure being on a main arterial road,” Mr Betros said.

“Widespread enquiries were received from across Australia, with most buyers having plans to either occupy the building at the end of the current lease, or with another tenant in mind to replace Officeworks in 2025.”

CBRE will begin a national re-leasing campaign for the Water Street site at the end of next year.