Cairns CBD - Income Producing With Refurbishment Potential - SOLD
- Building: 355m²
This Cairns CBD building is located on 27 - 29 Shields Street, right in the very centre of the Cairns mall precinct. The lettable area is approximately 368 m², of which 203 m² approximately is on the ground floor and 165 m² approximately on the first floor.
The ground floor shops are perfect for refurbishment which will entice high quality operators willing to pay market rental which will increase the expected income. Reef City Menswear who have occupied this shop for approximately 30 years, is closing down on 30 June 2016 enabling the area to be immediately refurbished. The adjoining shop has a short term lease paying $37,810.00 per annum plus GST, until approximately mid 2017. The first floor could also present attractively after refurbishment and would suit either office use or accommodation.
The existing fit out on the ground floor is basic with a glass shop front, suspended ceiling, exposed lighting and split air conditioning. There are shared toilets at the rear of the building. The first floor currently consists of five rooms, hallway, toilet / shower and front and rear balconies.
The Cairns CBD malls on both Lake and Shields Streets have recently undergone a full redevelopment and now offer a tropical al fresco appearance. The wider street front opens up new opportunities to retailers in the precinct which will benefit the building greatly.
Overall this is a unique opportunity to purchase a smaller, freehold property in a prime CBD location with immediate and future growth.
Contact: Exclusive agent Scott Green - Ray White Commercial Cairns for more information.