Lancini Property Group lists Cairns Home Improvement Centre for sale
A searing hot commercial real estate market has prompted a high-flying developer to list one of the most expensive retail assets in Cairns, and it’s expected to fetch an eye-watering price.
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A SEARING hot commercial real estate market has prompted a high-flying developer to list one of the most expensive retail assets in Cairns.
Development company Lancini Property Group has listed its Cairns Home Improvement Centre on Draper Street through Jones Lang LaSelle.
The large format retail complex, home to Nick Scali, Snooze, Fantastic Furniture and Anaconda among others, is similar in it’s design to the Lancini-built Domain Central Homewares in Townsville which sold for an eye-watering $107.5 million in 2005.
Lancini chief executive officer Salvatore Guardala said the booming commercial market in Cairns was the key driver of the sale.
“There is an opportunity where there is a lot of interest for regional assets and we see an opportunity to put it on the market and capitalise and realise that opportunity,” he said.
“We’ve been a big supporter of Cairns and have been up there for a long time, so we like Cairns and we like the asset and we like supporting the community.
“It’s just there is an opportunity there to find a buyer and we want to realise its potential.”
The freehold sale at Portsmith currently has a fully leased net income of $1,873,735.
The Lancini Property Group has also listed its Townsville-based Fairfield Central shopping centre, the City Arcade and City Lane assets.
Colliers Cairns managing director, Stacey Quaid, said limited stock was the only thing holding the Cairns market from exploding further, declaring it one of the best periods of commercial engagement in the past decade.
The re-emergence of tourism following Covid and an expected spike in CBD activity was set to “only heighten” the interest of investors.
“There is huge confidence with the opening of the borders and tourism coming back and we really starting to see it,” he said.
“We started to see strong interest in the industrial sector all through last year and the only thing containing the market at this stage is a lack of stock.
“A lot (of properties) are coming to market and selling before they even hit the papers.”
Mr Quaid said there had been strong interest from “savvy locals”.
“It’s not just driven by southerners,” he said.
“It is people that understand our market and are seeing the potential commercially, from the CBD etc. “Some of the office investment and retail stock are great buying opportunity at the moment.
“So it’s coming back with a vengeance.”
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Originally published as Lancini Property Group lists Cairns Home Improvement Centre for sale
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