Ormsby Realty in conjunction with Colliers International (Cairns) Pty Ltd are pleased to present one of Cairns' most recognisable holiday accommodation complexes, Pacific Cay - 193 Sheridan Street. Its strategic location within close proximity to the Cairns CBD and all major health services has made Pacific Cay popular to visitors and locals for many years.
Pacific Cay comprises of 19 apartments, made up of 10 fully self-contained one-bedroom units, 7 fully self-contained two-bedroom units and 2 motel suites. One of the one-bedroom apartments is maintained as the on-site manager's office and residence. The complex has an inviting in-ground saltwater swimming pool and the grounds are maintained to a high standard. Most of the apartments have had some renovations and are on a regular furniture upgrade/replacement cycle.
The complex sits on a rectangular 2,033m2 tourist & residential zoned footprint with 20-metre frontages to both Sheridan and McLeod Streets and is located in the middle of Cairns' family holiday apartment district. This district is very popular with visitors as it is within walking distance of the central business district with its many restaurants and entertainment complexes, Cairns Base Hospital, Cairns Central Shopping Centre and Rusty's markets.
This property will undoubtedly attract a lot of interest as the Australian hotel market is proving attractive to both international and domestic investors. Investors view our market as a low-risk and transparent investment category. Of the 41 hotel complexes sold in 2017, 27 were sold in regional centres, reflecting the consistent demand for complexes like Pacific Cay.
Pacific Cay offers astute and capable buyers a rare opportunity to secure an iconic holiday apartment complex that is demonstrating superior occupancy rates and financial returns, located in the heart of one of the busiest accommodation districts in Tropical North Queensland. Although it is not a five-star accommodation provider, Pacific Cay at 193 Sheridan Street Cairns is certainly a five-star investment.
The property is offered for sale at the listed price of $2,500,000.
For an information memorandum or to arrange an inspection please contact Bruce Holmes (Ormsby Realty) on 0402 348 695 or Charlie Torrisi (Colliers International) on 0408 008123 .