Civic Shopping Centre for sale by Knight Frank Cairns
For the first time in 50 years a Cairns shopping centre and huge block of land on the fringe of the city centre is up for sale.
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For the first time in 50 years a Cairns shopping centre and huge block of land on the fringe of the city centre is up for sale.
The Civic Shopping Centre is described as a “compelling investment opportunity” given the redevelopment potential of such a “significant land holding” by selling agent Knight Frank Cairns.
With more than 80 metres of frontage along McLeod St and covering a total area of 7128sqm, the centre boasts a total of 16 existing tenancies and a large format retail shop currently occupied by The Reject Shop with a lease not due to expire until 2029.
“(The centre) has been held by the current owners for well over five decades creating the first opportunity to purchase a consolidated site in a premium location in the CBD with the best planning available under the Cairns City Plan,” promotional material stated.
“The Reject Shop occupies approximately 1196 sqm of the complex with the
balance tenancies convenience and service oriented retailers with notable operators such as Domino’s Pizza and Pump ‘n’ Pedals and many tenants having a long term association with the Civic Shopping Centre.
“It cannot be underrated the value of the frontage and location of the Civic Shopping Centre with approximate frontages to McLeod Street of 80m, Florence Street of 75m and Sheridan Street of 39m.
“The total land area of 7128 sqm could not be more prominently located as the extension of the Bruce Highway running through the (centre) Cairns.”
The shopping centre is jointly owned by Cee Bee Investments Pty Ltd and Fredel Pty Ltd and if fully occupied can generate an income of $1,074,507 per annum.
An expression of interest campaign run by Knight Frank Cairns closes on Thursday, 14 November at 4pm.
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Originally published as Civic Shopping Centre for sale by Knight Frank Cairns
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