The freehold property is situated on 511m2 of prime commercial land, zoned City Centre, in a superior location, directly opposite the Esplanade Lagoon Entry in the recently upgraded Esplanade Dining Precinct. Improvements to the land area include a two-storey accommodation building, with retail shops at front of block and brick construction offering 684m2 of net lettable area.
The front of the building has been substantially refurbished by Cairns Regional Council throughout their redevelopment of the area and boast a stunning modern front façade. The bulk of the building houses a 617m2, 28 bed hostel accessed by a street facing reception and tour desk, with all of the rooms being easily accessed by a common lane way on both levels. All of the rooms internally are tiled and offer either their own bathroom or dual access to a bathroom. Recently refurbished throughout, other improvements to the hostel include a large modern in-ground pool, common toilet block, communal kitchen and laundry and a large recreational area.
To the front of the building there are two retail shops adjoining the Hostel reception, one 21m2 tenancy houses Wild Vibes Nutrition health and juice bar and the other 46.5m2 tenancy houses Oasis Kebabs. Oasis Kebabs is a long-standing business which has been operating out of the building for decades. This business also enjoys the use of a large part of the footpath dining area. Immediate neighbours are Flynn Hotel and a host of successful restaurants.
The current owner has carried out major upgrades, installing sprinkler systems throughout the backpackers along with new guttering, plumbing and roofing. The building is now in good condition and is fully leased to three tenants.
83 Esplanade offers a rare opportunity to secure a fully leased, mixed use freehold property in this dynamic location which has undergone a stunning upgrade to now be one of the most desirable areas on the waterfront of Cairns.
INVESTMENT FEATURES
• Prime location in the heart of the recently developed redeveloped Esplanade Dining Precinct fronting the Esplanade
Lagoon entry
• Freehold property positioned alongside Flynn Hotel and popular restaurants and cafes
• Fully leased to three tenants
• Major cap ex works carried out by the current owner to fit fire safety regulations
• Annual Gross Income $253,968.68 + GST
Land Area
511m2
Net lettable area
684m2
Tenancy Status
100% Leased
Gross Income
$253,968.68 approximately per annum
Method of Sale
By Formal Offer