Cairns Corporate Tower Sold for $77.5 Million

Cairns Corporate Tower, a premier commercial office building, has been acquired for $77.5 million by a local group of businesspeople with a long-term vision for the landmark property.

Located at 15 Lake Street, the 15-storey, A-grade tower is strategically positioned in the heart of the CBD and is widely recognised as North Queensland's premier commercial office building.

The sale was facilitated by CBRE’s Danny Betros and Mark Witheriff on behalf of the Brisbane-based, ASX-listed Garda Property Group, who acquired the building nearly 20 years ago and will now focus on its "pure play" industrial REIT strategy.

Mr Betros commented, “As the largest commercial property sale in North Queensland this year, this transaction underscores the rapid growth of the Cairns economy and population. With a GDP of $11.46 billion and a population forecast to reach 241,000* by 2050, Cairns offers significant investment potential. While the city benefits from its role as a gateway to the Great Barrier Reef and its strong tourism market, the robust interest from the broader investment market in this sale demonstrates the depth and strength of the Cairns economy.”

The tower occupies a prime 4,570sqm site and offers 14,844 sqm of lettable area, featuring modern, recently refurbished office accommodation with 264 car parks. The building benefits from a secure and diversified tenant profile, including major tenants such as the Department of Transport and Main Roads, BDO North Queensland, Grant Thornton Australia, and GHD Services Australia.

The sale, which closed following a Private Placement Process, attracted strong interest from high-net-worth investors, institutions, property funds, and offshore groups, reflecting the attractive investment environment in Cairns and Far North Queensland.

Mr Witheriff added, “Regional Queensland commercial markets have performed particularly well in recent years, driven by significant population growth and expansion in the SME business sector. This has led to falling vacancy rates across the state, putting upward pressure on rental rates and downward pressure on incentives.”