Cairns industrial starts year on a high

98 Buchan St in Portsmith sold late last year.
98 Buchan St in Portsmith sold late last year.

Industrial properties are in hot demand as a new decade gets under way in Far North Queensland.

Knight Frank agent John Lynch says he sold 98 Buchan St in Portsmith, home to B & K Auto Electrical Services, at auction for an undisclosed price.

“The property had been home to a very successful business for the last 38 years and it’s time for the owners to retire,” he said.

“This presented an opportunity for the new owners, which they grabbed with both hands. The bidding started strongly with eight registered bidders on auction day (November 11, 2019).

“We were always confident of a result given the location near the corner of Buchan and Kenny streets.”

The property occupies a 613sqm site with the new owners drawn to the large storage area the lot provides.

“As is typical of the lots and buildings in this area, it provides about 50% site coverage, with easy access to the southern access road,” Lynch says.

“We’ve had an outstanding year selling this type of property.

“Being between the $500,000 and $1 million range seems to be the sweet spot.

The Portsmith factory sold in November.

“The light industrial trades continue to present themselves as the buyers and our only issue is the limited amount of stock.”

The 98 Buchan St site has a 206sqm workshop/office, separate airconditioned demountable lunch room and great exposure.

Also in November last year, 199 Newell St, Bungalow changed hands quickly, too. Lynch says the former house, which has been converted to offices, was a popular commodity.

“The buyers after these properties are quite varied, from tradesmen looking for office and workshop, to the owner occupiers looking to live and work from the same location,” he says.

“This one was sold before we got a chance to advertise it which isn’t unusual at the moment.

“We have a list of potential purchasers looking in the range of half a million dollars to one million dollars, so each time we are contacted about listing another one, we’ve usually got a host of buyers waiting to inspect them,” Lynch says.

Interested parties should contact John Lynch or Matt Carless at Knight Frank on 40465330.

This article from The Cairns Post originally appeared as “Cairns commercial properties: Why these suburbs are in demand”.