Cairns Corporate Tower lists for sale through CBRE
Described as being one of Cairns’ largest ever commercial sales, a major tower in the heart of the city is now up for sale for the first time in almost 20 years.
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Described as being one of Cairns’ largest ever commercial sales, a major tower in the heart of the city is on the market for the first time in almost 20 years.
Located at 15 Lake St, the 15-storey Cairns Corporate Tower at 56m is the tallest building in Cairns and was completed in 1990.
The tower last sold in 2006 for $41.5m to current owners that since then have sunk in excess of $20m into a full refurbishment of the office building.
North Queensland’s premier office building, the tower was originally developed in 1989 and has stood as the pre-eminent commercial office accommodation in the city for more than three decades.
CBRE’s Danny Betros and Mark Witheriff are handling the building sale marketing campaign.
“Very proud and very excited to get the listing,” Mr Betros said.
“What can you say about the Cairns Corporate Tower, it will never be repeated, no one is ever going to build another 15 storey office tower like this in Cairns.
“The cost of the replacement would be in excess of $100m, it’s just one of those golden assets, it ticks 10 out of 10 boxes.
“It’s an absolute AAA asset and it’s attracting very good interest from Australia and overseas.
“It’s a very well equipped A-class building.”
The building is the sole office building within the ASX-listed Garda Property Group portfolio.
A business shift toward a “develop to own” business model to focus on industrial property has meant now is the time for Garda to off load the asset.
“Having spent the best part of a decade repositioning this asset, we are both proud and excited to offer Cairns Corporate Tower to the market,” Garda Property Group executive chairman, Matthew Madsen, said.
“The iconic building represents a compelling investment opportunity for buyers looking to
acquire a dominant building in a low leasing incentive market.
“Garda Property Group aims to unlock value for our shareholders and release capital for redeployment into the strategic growth areas within our business.”
Tenants in the building are all long standing and include major corporate tenants, as well as federal and state government departments.
Expressions of interest close on March 6, 2025.
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Originally published as Cairns Corporate Tower lists for sale through CBRE
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