Two Cairns hotels, one $10 million price tag
Considering buying a hotel in tropical north Queensland?
Why not make it two?
A pair of hotels in the popular coastal tourist city are being offered for sale together, as accommodation assets continue to attract solid investor interest up north.
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After a string of Cairns hotels were bought and sold over the last 18 months, the owners of the Cairns Southside International and the Cairns City Sheridan have put both properties on the market with a combined price tag of around $10 million.
The four-star Cairns Southside International opened in 2000 and sits on a 3331sqm site, with 62 rooms, 35 car spaces, a restaurant, bar, in-room dining and outdoor swimming pool.
The 3.5-star Cairns City Sheridan opened five years earlier and occupies a 1425sqm site at 157 Sheridan St. It offers 35 rooms, 15 car spaces, a Sheridan Lounge Bar and outdoor swimming pool.
The Cairns City Sheridan features 35 rooms.
The sale would also include a 1016sqm retail component at 153 Sheridan St with four shops, three of which are currently leased.
Savills Nic Simarro of Savills is marketing the hotels on behalf of owners NEVGOLD Pty Ltd and Main Race Pty Ltd.
Simarro says the hotels can be bought with vacant possession, with the potential to upgrade and reposition them within the city’s popular hotel market.
“This is a significant landholding in Cairns growth corridor and CBD, with a strong cash flow with unquestionable upside,” he says.
“There is minimum supply, as Cairns has not seen a new hotel in nearly 20 years but Cairns International Airport saw an increase of 15.2% of international tourists” he says.
The hotels are to be sold via expressions of interest, which close on
