Commercial property activity across Cairns

Three commercial properties have changed hands just days after hitting the market as a flurry of property activity is seen across Cairns.

The Dulux Paint building at 77-79 Scott Street, Bungalow sold for $1.84 million. The 718sqm warehouse was built in 2005 and has a five-year rolling lease to Dulux Paint, with a total net rental of $115,937 p.a.

The O’Brien Auto Glass building at 430 Sheridan Street sold for $1.79 million. The 1400sqm site has a five-year rolling lease to O’Brien Auto Glass and has a total net rental of $110,080.

A commercial building on the corner of Aplin Street and Grafton Street sold for $1.27 million. The two-storey building has a total net income of $68,490 from leases with Immigration Gurus and Cairns Commercial Property.

CBRE’s Danny Betros, Jay Beattie and Joanne Brown brokered the deals which attracted interest from local and national investors.

“Even amongst headwinds, the Cairns investment market remains relatively confident with either well-located properties or properties improved by tenants,” Mr Betros said.

“These buildings are in prime exposed positions, with two having national public comp tenants and upside growth potential. The price range was also significant in that the $1.5-$2.0 range is a more sought-after investment level for investors who have cashed out of residential and or the share market.”