Prime Site. The Raging Thunder building at 52-54 Fearnley Street, Portsmith has been sold by Rob Macfarlane of Knight Frank.
A MAJOR Cairns tourism company has sold a large industrial tourism site to a local investor.
The Experience Co building on 52-54 Fearnley St Portsmith has been sold by Rob Macfarlane of Knight Frank for a lease back agreement of under $2m.
He sold the property to a discreet local investor, who didn’t wish to be identified.
The property occupies a land area of just over an acre with frontage to Fearnley Street of 40m.
Mr Macfarlane said Experience Co, who purchased the building when they bought out Raging Thunder, had decided the large industrial property wasn’t suitable for their needs.
“They run Raging Thunder as well as a number of other tourism businesses and the property was a little out of the way for them,” he said.
“It had been up for sale for six months, though it hadn’t been actively on the market.
“Experience Co got the property when they bought out Raging Thunder, so they were happy to give the lease back and be a tenant.
“The buyers have been in Cairns a long time, and are certainly happy with the property.”
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Experience Co will remain as the building’s tenants until the end of a 12-month contract, after which a new tenant will move in.
Mr Macfarlane said the property had a number of key features to allow for diversification for future multiple tenants, such as over 600sq m of fitted out office space over two levels which connect to the high clearance warehouse directly behind, and a further 250sq m of low clearance warehouse, partly running along the side of the property.
The balance of the land is made up of hardstand and parking together with a freestanding, approved commercial kitchen facility located at the rear of the property.
The property provides exposure and presence to Fearnley Street and is only a five-minute drive to Cairns CBD, making the property a solid long-term investment in the tightly held industrial precinct of Portsmith.
For information on commercial investments phone Rob Macfarlane of Knight Frank Cairns on 0409 636 943 or 4046 5330.
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