JUNIPER INVESTS $21 MILLION IN CAIRNS RETAIL ARCADE
Juniper Group today announced it had purchased the Tropical Arcade retail and office complex in Cairns for $21 million.
The acquisition of the three-level property, located on the prime corner of Shields and Abbott Streets in Cairns, features 2,212 sq m of ground level retail and 2,682 sq m of office space on the first and second floors. The arcade stands on a site area of 3,704 sq m.
“The Tropical Arcade is an excellent long-term investment for Juniper in the centre of the Cairns CBD,” said Juniper CEO Garry McLean. “It fits well with our portfolio of retail properties and also offers the potential down the track to renovate and upgrade the retail and office space.” The agent for the transaction was Laura Ots from Penridge Commercial in Cairns.
The purchase, from vendor Sun Tourism, follows the sale by Juniper of its corporate office in Cairns to a private investor for $3.1 million.
Juniper has a large investment in North Queensland with the recently opened $130m Sea Temple Resort & Spa in Port Douglas, the soon to be released $100m Sea Temple Golf & Country Club and the start of construction for Coconut Grove, a mixed use development in Port Douglas.
Juniper’s prime retail portfolio now exceeds $200m with Blue Chip assets from the Gold Coast to Port Douglas in Queensland.
The award-winning Juniper Group is one of Australia’s largest privately-owned development companies, with $2 billion worth of projects currently under development or scheduled for future construction in key coastal tourist precincts on the eastern seaboard.
The group is behind the $850 million Soul Surfers Paradise residential tower and retail precinct on the Gold Coast. The contract to build Soul is believed to be the largest private construction deal ever awarded in Australia for a single-tower development.
ENDS: Media enquiries to Garry McLean mobile: 0409 342 761