Two hotels comprising 97 rooms located on the fringe and CBD of Cairns City are for sale with a price expectation of circa $10 million.
Two hotels comprising 97 rooms with adjoining retail located on the fringe and CBD of Cairns City are for sale with a price expectation of circa $10 million.
The properties present an exceptional opportunity to obtain exposure to the important tourism gateway market of Cairns by acquiring 4 and 3.5 star freehold hotels, prime for repositioning.
Cairns Southside International opened in 2000 and sits on a 3,331sq m site at 446 Mulgrave Road and offers 62 rooms, 35 car parking spaces, restaurant, bar, in room dining and outdoor swimming pool and has a 4 star rating.
Cairns City Sheridan opened in 1995 and sits on a 1,425sq m site at 157 Sheridan Street and offers 35 rooms, 15 car parking spaces, Sheridan Lounge Bar and outdoor swimming pool and offers a 3.5 star rating.
The 1,016sq m retail component at 153 Sheridan Street offers four retail stores, one vacant, leased on a year by year or month by month basis.
The properties can be purchased in one line or individually, with vacant possession available and are for sale through Nic Simarro of Savills Hotels on behalf of NEVGOLD Pty Ltd and Main Race Pty Ltd with the International Expressions of Interest campaign closing Friday 23 June 2017.
Mr Simarro said “This is a significant land holding in Cairns growth corridor and CBD, with a strong cash flow with unquestionable upside.
“There is minimum supply, as Cairns has not seen a new hotel in nearly 20 years, but Cairns International Airport saw an increase of 15.2 percent of international tourists,” he said.
Cairns is the tourism and administrative centre for Tropical North Queensland (TNQ) and is situated on the shores of Trinity Inlet some 1,700 kilometres north of Brisbane and 350 kilometres north of Townsville. The city has a substantial commercial and retail base along with government offices, defence bases (army and navy) and health services.
In addition Cairns serves as a gateway to the World Heritage Listed Great Barrier Reef and Daintree Rainforest, northern beaches, Port Douglas, Cape Tribulation and Mission Beach. As well as being on Australia’s most popular tourist destination.