Cairns Investment Sold for $1,825,000
A tenanted investment opportunity with a blue chip, ASX-listed national tenant in the Cairns inner city fringe has been sold by Ray White Commercial Cairns for $1,825,000.
The award-winning, two-storey commercial building at 13-15 Scott Street, Cairns, was sold to PDKA Pty Ltd by Scott Green of Ray White Commercial Cairns on behalf of a private owner for a yield of 5.76 per cent.
Scott Green said the marketing campaign for the architecturally-designed building, leased to international environmental services and professional infrastructure company Cardno Pty Ltd, attracted strong interest.
“We received 17 enquiries for this investment opportunity and a contract was secured within eight days,” he said.
“The Cairns commercial market has been subdued of late so the achieved return of 5.76 per cent is a great result.”
Scott Green said Cardno has a lease on the building until 2021 with a further 2 + 3 year option and the property is returning net rental of approximately $105,000 per annum.
“This was a low risk asset for the astute investor with a quality tenant in place and a long lease,” he said.
“The building is situated on the Cairns CBD fringe and comprises a gross floor area of 418 sqm and 10 undercover car parks.”
The team at Ray White Commercial Cairns offers clients a professional, honest and reliable service with extensive knowledge of the local area, experience in all aspects of commercial real estate, assistance at every level and advice on your property tailored to your needs. The agency produces a fortnightly newsletter which can be viewed at www.raywhitecommercialcairns.com