After almost 20 years of ownership, ASX-listed Garda Property Group (ASX: GDF) has listed Cairns Corporate Tower, the region’s premier commercial office building, for sale.
Located in the heart of Cairns’ CBD, at 15 Lake Street, Cairns Corporate Tower is the sole office building within the Garda portfolio which is now largely focused on ‘develop to own’ industrial. The sale of this asset will result in Garda positioning itself as a lowly geared ‘pure play’ industrial REIT.
CBRE’s Danny Betros and Mark Witheriff are managing the marketing campaign for the sale.
North Queensland’s premier office building, the tower was originally developed in 1989 and has stood as the preeminent commercial office accommodation in the city for over three decades. Garda, in the past 10 years, has completed a full refurbishment of the 15-storey tower costing in excess of $20 million.
Garda Property Group Executive Chairman, Matthew Madsen, said, “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. 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.
The Expressions of Interest Campaign closes on March 6, 2025.
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