A facility purpose-designed and built for the Australian Federal Police in Cairns is up for sale.
The two-level property at 420-422 Sheridan Street in Cairns North, around 15 minutes from the Cairns CBD, adjoins the Cairns local and international airport, providing the AFP with ease of access to critical transport infrastructure.
It consists of a 2,155sq m building on a 5,489sq m site, with around 80 car parks. It was constructed to accommodate a 5-Star NABERS rating.
The property, which was built in 2014, is leased to the Australian Federal Police on a 15-year lease, with two five-year options leading up to an expiry of 2039.
The asset is now being sold by an interstate private investor via an Expressions of Interest campaign run by Christian Sandstrom and Justin Bond of Knight Frank Queensland and Danny Betros of CBRE Cairns.
Mr Sandstrom said the sale campaign would target a wide range of private investors, syndicators and REITs looking to capitalise on the secure nature on the many benefits offered by the investment.
“The secure nature of the Commonwealth lease, providing secure income for the next 15 years, will be a major drawcard for potential buyers,” he said.
“The property has a seven year WALE, favourable rent review mechanisms and significant depreciation benefits due to significant capital expenditure by the Australian Federal Police.”
“The large site also offers future options for expansion and potentially an added building at the rear for offices or other facilities that may be required.”
Mr Betros said Cairns was currently enjoying a stunning revival of tourism popularity and growth with arrival numbers now exceeding pre-COVID levels and all international connections and cruise ships restored.
“The city is also being fuelled by a major injection of state and federal funding into the new JCU Tertiary Teaching Hospital, a new CBD campus for CQ University and the expansion on the Navy/marine maintenance precinct.
“The region has become a very sought after destination for astute investment outside of the capital cities.”